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Chinese investor Motor Sich announced new lawsuits against Ukraine

Ukraine / Asia
Chinese investor Motor Sich announced new lawsuits against Ukraine

The statements of the representatives of the Ukrainian authorities about the plans to nationalize Motor Sich are inadmissible and will help the company's Chinese investors win international arbitration against Ukraine and compensate for the damage, says Wang Jing, the owner of the Chinese Skyrizon Aircraft Holdings.

“We have already filed and are preparing to file a number of other lawsuits both in Ukraine, in China, and at the international level. We will vigorously defend and safeguard the legitimate rights of Chinese investors, ”he said in a media statement.

Wang Jing stressed that any speeches or actions of the Ukrainian side that harm Chinese investors will be used as evidence or subject of legal proceedings and transferred to the appropriate judicial and law enforcement agencies. According to him, investors from the PRC are ready for public scrutiny and due diligence.

In the near future, a bill on the nationalization of Motor Sich will be submitted to the Ukrainian parliament, said the head of the parliamentary faction of the Servant of the People party David Arakhamia last week. In addition, the president of the enterprise, Vyacheslav Boguslaev, speaking before parliamentary deputies, accused Chinese investors of violating investment obligations, but urged to negotiate with them and leave them a 35% stake, and transfer control over the enterprise to the state.

Wang Jing in a statement claims that Boguslaev previously had a controlling stake in Motor Sich, and now has no right to make such statements on behalf of the enterprise.

According to the Chinese side, the privatization of Motor Sich was fully completed before 2000, after which the company became a public joint stock company (PJSC) with free float, and in April 2015 it was excluded by the government from the list of strategic enterprises in Ukraine .

According to Wang Jing, in 2016 the former shareholders of Motor Sich, including Boguslaev, reached an agreement with Chinese investors and agreed to sell their shares to PJSC, and in July 2016 the deal was completed and the remuneration paid.

"This means that PJSC " Motor Sich "not only no longer belongs to them, but, moreover, they should not continue to control it," the statement says.

Chinese investors have been trying unsuccessfully for several years to formalize the deal to buy shares in this plant.

Ukraine in January of this year imposed sanctions against Chinese investors associated with this transaction. The sanctions list includes Wang Jing and related companies Beijing Xinwei Technology Group Co. Ltd; Beijing Skyrizon Aviation Industry Investment Co. Ltd (both - Beijing); Skyrizon Aircraft Holdings Limited (British Virgin Islands) and Hong Kong Skyrizon Holdings Limited (Hong Kong). Sanctions to them include, in particular, blocking of assets, restriction of trade operations, a ban on the purchase of enterprises in Ukraine.

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