PGO unveils Motor Sich funds embezzlement scam via purchase of junk securities

09:33, 24.07.2017 1 min read

The major economic case investigation department of Ukrainian Prosecutor General's Office (PGO) with the involvement of the National Police has unveiled an embezzlement scam for over UAH 350 million in public joint-stock company Motor Sich, PGO Spokeswoman Larysa Sarhan has said.

"It was established that in 2013-2016 officials of Motor Sich bought junk securities via sending over UAH 350 million to accounts of some companies that have signs of dummy companies. The funds were transferred into cash at banks," she wrote on her Facebook page last week.

She said hat today raids at the main facilities and places where the key suspects are living have been conducted. Some $550,000 and antiques were seized.

The pretrial investigation is underway.

The National Commission for Securities and the Stock Market has not commented on the information.

Motor Sich is one of the world's largest manufacturers of engines for aircraft, as well as industrial gas turbine equipment. It ships commodities to more than 100 countries.