17:42 27.07.2017

Motor Sich denies PGO info about law violations, will protect business reputation

Motor Sich denies PGO info about law violations, will protect business reputation

Public joint-stock company Motor Sich (Zaporizhia) has denied information presented by Ukrainian Prosecutor General Yuriy Lutsenko that the company violated law during transactions with the company's shares revealed by law enforcers and the rules of implementing the state defense order. The company intends to take measures and protect its business reputation.

According to an official statement made by Motor Sich in response to the information spread by Lutsenko, the company said that in the course of the investigation into these proceedings the company gave all required evidence, explanation, and information regarding the questions raised to law enforcement officers, and the company provided the full amount of the requested documents.

Taking into account that misperception of the information presented by Lutsenko may result in negative reputational and economic impact on the company, Motor Sich deems it necessary to present its own position regarding these issues to its business partners, shareholders and investors.

The company specified the details of the criminal cases mentioned by Lutsenko.

"According to investigating authorities, the matter investigated by the Security Service of Ukraine relates to possible illegal conduct by officers of our company, namely sale of the company shares to the foreign citizens for the purpose of further transfer of unique production equipment created by the company to such citizens and dissolution of the company," Motor Sich said.

The prosecutor general alleged that Motor Sich as a defense company of Ukraine was obliged to coordinate carve-out of the company's shares with the respective public institutions, which was not done, so this carve-out is illegal. Concerning these considerations, it is necessary to point out that since 1994 Motor Sich is a privately owned joint stock company, and its shares are the property of separate legal entities and individuals. Turnover of these shares is free and not controlled by the issuer – Motor Sich.

The shareholders are independent legally capable participants of the stock market that are acting at their own discretion, have right to sell their shares to any legal or natural person, and are personally responsible for their transactions.

The company said that in addition, Motor Sich is not a defense company of Ukraine, because by government resolution No. 70-p dated February 12, 2014 Motor Sich is not included in the list of companies, which are participants of the Ukroboronprom concern.

Motor Sich said in the statement that Lutsenko's information concerning the Antimonopoly Committee of Ukraine refusal to consider allegations available at the moment about concentration of Motor Sich's share package is also not true.

The company also denied the disclosure by General Prosecutor's Office of Ukraine of the fact of embezzlement of state funds by Motor Sich management via overshooting the engine prices with subsequent withdrawal of these funds using dummy companies.

There is no legal or actual basis for charges of overpricing Motor Sich’s products, the company said.

Lutsenko and his spokesperson Larysa Sarhan also charged Motor Sich officials with embezzlement of company funds and their appropriation by transfer to the accounts of companies – with signs of dummy companies – as payment for the securities acquired by the company from them. These charges, just as the previous ones, are not based on either factual or judicial circumstances of the matter.

Indeed, for the period of 2013 to 2016, Motor Sich bought ordinary shares and investment certificates of a number of companies at the price of stock exchange by entering into legitimate contracts through legal persons authorized by the state, which possessed relevant licenses. The company stressed that Motor Sich has kept properly and strictly the law of Ukraine throughout the period of its activities.

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