17:10 10.08.2020

DCH says AMC has no right to refuse purchase of Motor Sich with Chinese partners, ready to apply to intl court

2 min read
DCH says AMC has no right to refuse purchase of Motor Sich with Chinese partners, ready to apply to intl court

The Antimonopoly Committee of Ukraine (AMC) has no any legal grounds to refuse permission to concentrate PJSC Motor Sich's shares to Chinese investors in the enterprise and DCH Group of Oleksandr Yaroslavsky, DCH said in a statement.

"The AMC does not have the legal right to refuse satisfaction of our joint application with the Chinese partners ... If the AMC, in violation of the legislation of Ukraine, does not give consent within the established time frame or refuses, such actions of the AMC will be appealed in court," the document says.

DCH notes that the deal does not lead to monopolization or significant restriction of competition in the Ukrainian market, since the buyers do not operate in the markets where Motor Sich is represented, including in Ukraine. In addition, the applicants are not on the sanctions lists of Ukraine, the statement says.

The group also emphasized that the AMC has 45 to 135 calendar days to consider the application, recalling that the agency had previously violated these deadlines when considering previous applications from the Chinese partners.

DCH also stated that Motor Sich is in a deplorable financial condition due to the blocking of its development by Ukrainian authorities since 2017, in particular, criminal proceedings and the seizure of all 100% of the shares.

"For three years now, the owners of Motor Sich shares have been unable to dispose of their property, take part in the management of the enterprise and control the conformity of decisions made by management to their economic interests," the document says with a reminder that the seizure is a temporary measure. According to DCH, the seizure of shares does not help ensure the safety of the property, but leads the enterprise to destruction.

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