Treason. Offshore Deals. And a country at war. Ukraine’s Seizure of Aviation Firm Motor Sich brings a Chinese firm’s effort to acquire Ukraine’s crucial defense manufacturer into the spotlight.
“the government's most dramatic intervention of the war into big business, touching companies linked to tycoons whose political power Zelenskyy's team has long sought to curb.”The Chinese company Beijing Skyrizon Aviation is engaged in a legal battle over control of Motor Sich, one of the nationalized firms. Motor Sich happens to be among the world’s largest makers of engines for missiles, helicopters and jets.
Some evidence suggests Chinese investors orchestrated the sale to skirt Ukraine’s anti-monopoly laws. The loan “meant that if Skyrizon went bankrupt, the Chinese government would gain control over the Ukrainian aerospace giant,” Hurska wrote in a November 2020 account for the Center for European Policy Analysis in Washington, D.C.
In 2016, she wrote, Boguslayev sold a controlling stake in Motor Sich to companies controlled by Chinese entrepreneur"Jing is renowned for spearheading China’s global ventures into developing countries with high levels of corruption and strong military connections to China . He ‘gave an oath’ to serve Chinese national interests and uses his company to expand China’s global influence.
OCCRP said that media reports indicating Motor Sich “was directly sold to Skyrizon” did not reflect what actually happened.about secret offshore financial deals, the OCCRP report said that DLA Piper helped structure the acquisition via a complex web of shell companies, allegedly to avoid running afoul of Ukraine’s anti-trust laws:
Antitrust expert Agiya Zagrebelska, who was a member of the Anti-Monopoly Committee of Ukraine , told OCCRP that regulators would have to approve any one entity’s acquisition of 25 percent or more of Motor Sich.
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