ssu.gov.ua
The SBU continues the investigation into the company allegedly benefiting Russia and also the illegal amassing of shares.
The Shevchenkivskyi District Court of Kyiv has ruled to seize property and 100% of the shares of Motor Sich JSC.
That's according to the SBU Security Service's press office.
Based on the judicial review, the property was transferred to the agency responsible for managing assets obtained through corruption and other unlawful activity.
At the same time, the SBU press office noted that Motor Sich will continue its operations in line with the requirements of the country's legislation, with all jobs being preserved and contractual obligations being fulfilled.
Read alsoUkraine's Motor Sich to be nationalized
The first one is regarding sabotage and subversive activity in favor of the Russian Federation, and the other one is regarding violations of law during the initial privatization and subsequent, allegedly illegal, amassing of shares.
"It's not just about the fate of one company, but about how the state is able to protect its own interests. After all, the preservation of Motor Sich is a matter of national security," said Ivan Bakanov, Head of the Security Service.
Background
In December, the Chinese investors behind Skyrizon filed a $3.5 billion arbitration case against Ukraine, accusing Kyiv of expropriating its investment in Motor Sich after the government froze its shares in the company in 2018, according to RFE/RL.
On January 14, the U.S. Department of Commerce slapped sanctions over threats to U.S. national security on China's Skyrizon.
The U.S. government said Skyrizon's "predatory investments and technology acquisitions in Ukraine represent an unacceptable risk of diversion to military end use" in China.
On January 29, President Volodymyr Zelensky of Ukraine enforced the National Security and Defense Council's decision to apply against Skyrizon "personal special economic and other restrictive measures".
On March 11, the NSDC ruled to get Motor Sich back to state ownership. The Verkhovna Rada is now preparing a bill to nationalize the engine producer.
The Motor Sich company is one of Ukraine's largest Ukrainian machine-building enterprises, producing aircraft engines for Mi-8/Mi-17, Ka-226 helicopters, An-70, An-124, An-140, An-148, Yak-130 planes, and other aircraft, as well as gas pumping units and power equipment. It also makes engines that can be used for cruise missiles and drones.