09:06 09.03.2021

Motor Sich President Bohuslayev accuses Chinese partners of refusing to invest, offers to leave them 35% stake

2 min read
Motor Sich President Bohuslayev accuses Chinese partners of refusing to invest, offers to leave them 35% stake

Chinese buyers of shares in Motor Sich (Zaporizhia) violated their obligation to invest $250 million in 2018 and obtain permission from the Antimonopoly Committee of Ukraine (AMCU), but it is impractical to completely nationalize the enterprise and it is worth leaving 35% to the Chinese and the controlling stake to the state, President of Motor Sich Viacheslav Bohuslayev has said.

"They deceived us... There are no Chinese investors and there is no investment program. There are promises: in the agreement for the acquisition of shares in 2018, they [should have paid] $250 million - not a kopiika [was seen]," journalist Igor Solovey posted a video on his Facebook with a speech of Bohuslayev at a meeting of the national security, defense and intelligence parliamentary committee on March 4.

Bohuslayev said that in such a situation he and the trade union support the decision of the country's president to impose sanctions against the Chinese shareholders of Motor Sich.

"I hold daily teleconferences with Chinese customers. I explain to them: if I, Bohuslayev, violate Chinese laws on the territory of China, what would you do to me? So your dear Wang Jing [was sanctioned by Ukraine] should not violate Ukrainian laws on the territory of Ukraine," the president of the company said.

He confirmed that in 2016, Chinese partners provided a $100 million loan at a critical juncture, which must be repaid in 2026, and the company is preparing to do so.

At the same time, Bohuslayev, who before the deal with the Chinese was one of the largest shareholders of Motor Sich, after the committee meeting spoke out against the proposal to completely nationalize the enterprise, as this would entail significant budgetary expenditures.

"We need to negotiate with the Chinese: allow them to have 35%, the rest needs to be sold to the state, in a civilized manner. The ambassador must be explained (that) our state does not allow a foreign citizen to manage our enterprise," he said, while insisting that a controlling stake belonged to the government.

"You can't just break off relations with Chinese friends... For no reason in particular, (so that) we don't give a damn about China, it is better not to behave like that," Bohuslayev said.

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