Ukraine’s Motor Sich to Be ‘Forcibly’ Nationalized

The shares of a number of Ukrainian enterprises which are strategically important for defense and a number of other private companies, including Motor Sich, are to be ‘forcibly’ nationalized.

The companies - Ukrnafta, Ukrtatnafta, Motor Sich, AvtoKrAZ and Zaporizhtransformator - are associated with the tycoons Kostiantyn Zhevago, Igor Kolomoisky, Vyacheslav Boguslayev and Kostiantyn Hryhoryshyn.

Ekonomichna Pravda, citing sources with the National Commission on Securities and Stock Market (NSSMC) and minority shareholders of Ukrnafta, reported that the Commission on Nov. 6 gave the green light to the transfer of shares from the company owners’ bank accounts to the government.

Motor Sich was owned by Boguslaev Vyacheslav Alexandrovich until recently. In 2017, he sold 56% of the shares to Beijing Skyrizon Aviation Industry Investment Co Ltd. Due to several violations, including of antimonopoly legislation, Motor Sich shares were blocked. In October 2022, Boguslayev was arrested high treason.

Related news: Motor Sich President Sabotaged Military Helicopters: Ukrainian Prosecutor

AvtoKrAZ, a major Ukrainian manufacturer of heavy duty trucks, is part of the Finance and Credit group, owned by fugitive oligarch Kostyantyn Zhevago.

It is unknown whether the government will reimburse the former owners and minority shareholders for the transfer of their shares.