Politics 2022-09-15T04:47:21+03:00
Ukrainian news
Zelenskyy Approves UkrOboronProm’s Reorganization From Unitary State-Run Enterprise Into JSC

Zelenskyy Approves UkrOboronProm’s Reorganization From Unitary State-Run Enterprise Into JSC

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President, UkrOboronProm, Volodymyr Zelenskyy, Ukroboronprom transformation, UkrOboronProm reorganization

President Volodymyr Zelenskyy has approves the reorganization of the UkrOboronProm state-run enterprise from a state unitary commercial enterprise into a joint-stock company.

UkrOboronProm Director General Yurii Husev has written this on Facebook, Ukrainian News Agency reports.

"President Volodymyr Zelenskyy has signed the Law on the Reform of UkrOboronProm state-run concern. This event is a point in a long and difficult process of forming a new legislative foundation for the development of the Ukrainian state defense industry complex. But at the same time, this event is a new starting point for the Ukrainian defense industry!" he wrote.

According to Husev, this law will strengthen Ukraine's defense capability by structurally restarting 118 separate enterprises of UkrOboronProm, 21 of which are still located in the temporarily occupied territories, introduce modern corporate governance approaches that will protect them from corruption risks, conflicts of interest, and direct political influence.

Besides, the law will allow creating joint ventures with domestic and foreign partners, transferring technologies, attracting direct (including foreign) investments in order to manufacture modern weapons and military equipment, primarily for the needs of the Armed Forces of Ukraine.

As Ukrainian News Agency earlier reported, in July, the Verkhovna Rada of Ukraine reorganized UkrOboronProm by transforming it from a unitary state-owned enterprise into a joint-stock company.

In 2020, UkrOboronProm fulfilled 100% of the contracts for the state defense order.

In 2020, a total of 280 contracts worth more than UAH 12 billion were completed for the Ministry of Defense, the National Guard, the State Border Service, and the Main Intelligence Directorate of the Ministry of Defense.

In particular, 52 contracts were fulfilled on the production and modernization of weapons and military equipment, 17 contracts on the development of weapons and military equipment, 211 contracts on the repair and modernization of weapons and military equipment.

UkrOboronProm was established in December 2010 and includes more than 120 enterprises of the military-industrial complex.





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