Court Arrests Motor Sich’s Shares In Dragon Capital

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The Solomiyanskyi District Court of Kyiv has arrested ordinary registered shares of Zaporizhia-based Motor Sich company, the largest manufacturer of jet engines and gas-turbine sets in the Commonwealth of Independent States, in Dragon Capital.

This follows from court records, Ukrainian News Agency reports.

On January 29, the court received an motion from a prosecutor of the Prosecutor General’s Office (PGO) within the framework of an investigation into a case under Section 1 of Article 14 (preparation for crime), Article 113 (subversive action), Section 1 of Article 15 (attempted crime) and Section 1 or Article 111 (high treason) of the Criminal Code of Ukraine on arresting shares of Motor Sich placed in accounts of the depositary establishment Dragon Capital in securities.

The motion was motivated with the fact that since 2014, unknown persons from among current and former officials and ultimate beneficiary owners of Motor Sich acting upon prior agreement and aiming to weaken the state have provided a number of purchase and sale transactions involving a transfer of the controlling stockholding in favor of a citizen from the People’s Republic of China and citizens of China he controlled.

As a result, the said persons intend to transfer assets and production facilities from the territory of Ukraine to China, which might entail a closedown of the enterprise and its further extinction.

As Ukrainian News Agency earlier reported, the Dragon Capital depositary establishment states the provisions of the Law of Ukraine On Joint-Stock Companies was obeys while holding a stockholding meeting of Motor Sich.

© 2021 UNA

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