10:26 22.03.2021

Ukroboronprom ready to manage Motor Sich assets – director general

2 min read
Ukroboronprom ready to manage Motor Sich assets – director general

The Ukrainian state defense concern Ukroboronprom has written to the Asset Recovery and Management Agency of Ukraine (ARMA), stating its readiness to take control of the assets of the Motor Sich enterprise in order to retain its potential, Ukroboronprom's Director General Yuriy Husev said on Saturday.

"I consider preservation of Ukrainian Motor Sich to be a matter of national security. Ukroboronprom already sent a letter to the ARMA of its readiness to act as the manager of assets of the joint-stock company Motor Sich for the purpose of preserving its potential. As a state defense concern, it is important for us that Motor Sich continues operating: keeping jobs, fulfilling obligations under production contracts. And our team is ready to support the enterprise," Husev was quoted by Ukroboronorom's press service as saying.

Earlier the Security Service of Ukraine announced that the Shevchenkivsky District Court of Kyiv had decided to freeze all of Motor Sich's assets and shares. The court handed the control of assets to the ARMA which in turn must determine a managing company from among state-owned ones.

Motor Sich is currently under criminal investigation for engaging in subversive activity in favor of Russia (Articles 14, 15, 111 and 113 of the Ukrainian Criminal Code) and for crimes stipulated by Articles 209, 212 and 364 of the Code.

NSDC Secretary Oleksiy Danilov said on March 12 that the council's meeting on March 11 was not about nationalizing Zaporizhia's Motor Sich enterprise, but about its return to the ownership of the Ukrainian people in accordance with current legislation.

Motor Sich is one of the world's largest manufacturers of aircraft engines and industrial gas turbine units. It exports its products to more than 100 countries. Motor Sich reported UAH 930.2 million in net profits in January-September 2020, while it saw net losses of UAH 532.7 million in the same period in 2019. The company's net revenue has grown by 20.2% to UAH 7.6795 billion.

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