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Ukraine's Motor Sich company loses USD 715 mln due to arrest of its shares in 2017-2020, - expert

Source : 112 Ukraine

The member of Ukraine-China investment club describes this as a huge blow to Ukraine's defensive capabilities
22:08, 1 October 2020

Motor Sich
Radio Liberty

In 2017-2020, due to the unreasoned illegal arrest of shares of PJSC Motor Sich company, it lost almost 20 billion Ukrainian hryvnyas, or roughly 715 million U.S. dollars. Andriy Pylypenko, the member of Ukraine-China investment club posted this in his blog. Based on his evaluation, the government could have spent this money to procure modern weaponry and equipment for Ukrainian military; such a huge loss is also a devastating blow to the state's defensive capabilities, he wrote.

Pylypenko claims that "while the U.S. frightened Kyiv with myths about losses from actions of Chinese investors in the work of Motor Sich, Ukraine took actual losses" - not just financial.

"(...) Ukraine's defensive capability is already undermined by the state budget losses from tax payments that Motor Sich did not conduct. Let's make a list of what our warring country could buy for its military for 3.5 billion hryvnyas, which it never received: 17 cutting-edge, armed French ships; 26 cutting-edge Ukrainian tanks Oplot, more than 23 H-25 helicopters; more than a hundred new BTR-4 APCs", Pylypenko wrote.

Related: Motor Sich refused to perform domestic and international flights due to coronavirus

According to him, blocking the actions of Motor Sich by the Ukrainian government deals a lot of damage; it could be descrived as a subversive act, which deserves opening criminal cases on the fact of sale of shares of Ukrainian manufacturer of aircraft engines. 

"Blocking the access of Chinese investors to Motor Sich, Ukrainian government strips the country off the orders by hundreds of billions of US dollars. It refuses from the inflow of currency and huge investments for development of the entire branch, from being competitive on foreign markets (...) It consciously chooses to take losses in the state budget, patchign the holes with the growing debts before the IMF", wrote the blogger. 

Related: Motor Sich Airlines cancels part of flights due to epidemic situation in Ukraine

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