Govt transfers shares of Vinnytsia Aviation Plant to Motor Sich management from ARMA
The Cabinet of Ministers of Ukraine has transferred the shares of the Vinnytsia Aviation Plant to the management of PJSC Motor Sich, which is under the control of the Ministry of Defense of Ukraine, the press service of the Ministry of Economy has reported.
The government made the decision at a meeting on August 1 at the suggestion of the Asset Recovery and Management Agency (ARMA) as an exception provided for by law.
According to the press release, the shares of the Vinnytsia Aviation Plant were under the ARMA's control under a court decision.
According to Deputy Minister of Economy Oleksiy Sobolev, quoted in the press release, Vinnytsia Aviation Plant has historically closely cooperated with Motor Sich, performing overhauls and modernization of helicopters.
"It was recognized as expedient to transfer the management of the Vinnytsia Aviation Plant from ARMA to PJSC Motor Sich. It will ensure the uninterrupted operation of the plant, improve management and allow both enterprises to work effectively for the defense of Ukraine," Sobolev was quoted by the press service of the Ministry of Economy.
The press service recalled that the legislation on ARMA provides that, in exceptional cases, seized assets may be transferred to the management of state-owned enterprises in the industry. In particular, such an exception may apply in the event of a risk of interruption of the operation of an enterprise in the defense industry or the aircraft industry.