18:37 06.08.2020

Zelensky calls on Shmyhal to assess impact of privatization or sale of strategic enterprises' shares on Ukraine's economic security

3 min read
Zelensky calls on Shmyhal to assess impact of privatization or sale of strategic enterprises' shares on Ukraine's economic security

President of Ukraine Volodymyr Zelensky addressed a letter to Prime Minister Denys Shmyhal, in which he urged to take, together with the staff of the National Security and Defense Council and the Security Council of Ukraine, comprehensive measures to protect the economic interests of the state, the press service of the head of state reported.

"Thus, a comprehensive assessment of the state of activity of state-owned facilities that are of strategic importance for the economy and security of the state, including the identification and elimination of factors locking their operation, must be exercised," said the message released on Thursday.

Also, the head of state insists on taking comprehensive action to remove the economically unjustified sale of property of enterprises of strategic importance for the economy and security of the state and business entities in which the state has corporate rights.

"In addition, the impact of the state of privatization or sale of corporate rights in charter capitals of enterprises with a monopoly (dominant) position in the market of goods, scientific and research (scientific and technology) institutions, as well as enterprises of strategic importance for the economy and security of the state, in particular public joint stock company Motor Sich, on the state of economic security must be systematically assessed," the message says.

The prime minister must personally inform the President of the respective results.

As reported, on the night of August 6, Beijing Xinwei Technology Group Co., Ltd at the Shanghai Stock Exchange reported that the subsidiary of Beijing Skyrizon and the DCH Group of Ukrainian businessman Oeksandr Yaroslavsky and its affiliated companies jointly submitted a new application to the Antimonopoly Committee of Ukraine on August 4 (AMCU) on the purchase of Motor Sich shares.

Xinwei reports that on the same day, its subsidiary Beijing Skyrizon withdrew from the Antimonopoly Committee the statement that it had previously submitted together with the state concern Ukroboronprom.

The report notes that DCH Group is one of the important industrial financial groups in Ukraine, uniting metallurgical, mining, engineering, infrastructure, financial and other industries.

According to a source in government, currently about 75% of Motor Sich shares are already owned by a group of Chinese owners, and the AMCU was considering the issue of agreeing on a deal to buy this stake from them by Skyrizon and Xinwei Technology with further free transfer to Ukroboronprom 25,00002% shares. At the same time, the disputed block of shares in Motor Sich acts as a pledge for financing provided, among other things, by China Development Bank.

During a visit to Kyiv at the end of August 2019, John Bolton, the then U.S. President's Security Advisor, spoke about US concerns about the sale of Motor Sich to Chinese owners. Motor Sich shares have been under arrest since April 2018 at the request of an SBU investigator in order to preserve material evidence in a criminal case initiated in July 2017.

Motor Sich PJSC is one of the world's largest manufacturers of engines for aviation equipment, as well as industrial gas turbine units. It supplies products to more than 100 countries around the world. In January-June 2020, the enterprise received UAH 595.56 million of net profit, while for the same period in 2019, the net loss was UAH 428.58 million.

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