Kharkiv Tractor Plant, a leading Ukrainian agricultural machinery manufacturer, has become a victim of a campaign involving Ukrainian authorities. The campaign threatens the existence of the enterprise, the holder of 30% of shares in the company, Austrian businessman and Board Chairman of Russia's OJSC GAZ Siegfried Wolf has said.

Wolf said that accusations against the enterprise - violation of foreign trade legislation, illegal exports of tractors to Russia, illegal transfer of equipment and documents, banned transfer of the company's property to collateral to secure financing and tax evasion – are groundless.

A Kharkiv court blocked bank accounts and froze the company's assets. All protests were dismissed. Ukraine's State Security Service and its Kharkiv branch carried out four searches, which stopped production. The company has suffered large losses and it is unable to meet its obligations to suppliers. The company is at risk of bankruptcy. Thousands of jobs are at risk, Wolf said.

He said that Kharkiv Tractor Plant observes export legislation and other legal acts, in addition to meeting all its tax liabilities. The company paid UAH 100 million of taxes in 2015.

"The Ukrainian Security Service and its Kharkiv branch carried out four searches at XTZ during March 21-April 8, 2016 seizing financial and other crucial documents. No accusations related to the alleged economic crimes have been made so far," he said.

Wolf does not understand the motives of attempts to discredit top managers of the enterprise. Ukraine damages its attractiveness as a country for investment by international investors, he said.

He said that Kharkiv Tractor Plant would do its best to remove any confusion and constructively work with authorities.