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The Managers of Motor Sich May Be Obliged to Compensate for the Damage of almost UAH 500 million

Shareholder of Motor Sich suspects the company's top management in the property embezzling

The Economic Court of Zaporizhzhia region received a claim against the top managers of JSC Motor Sich from one of the shareholders demanding to compensate the company for losses incurred by the illegal withdrawal of funds with their subsequent illegal cashing in the amount of UAH 438 million.

It is stated in the corresponding claim, UNIAN reports.

Sergei Voitenko, the Chairman of the Board of Directors of JSC Motor Sich and Victor Lunin, the Financial Director and the Member of the Board of Directors of JSC Motor Sich, are indicated in the statement of claim.

The claim for compensation for losses caused by the actions of the top management of the enterprise concerns the events of 2013-2016 when these persons acquired ‘junk’ securities within the framework of the illegal enrichment scheme, states the plaintiff.

These facts were recorded in April 2018 by the verdict of the Shevchenkivskyi court of Kyiv as part of the consideration of a criminal case under registration number in the Unified Register of Pre-trial Investigations #42017000000001137. As follows from the court ruling within the framework of the criminal case, ‘the officials of Motor Sich JSC embezzled the property by transferring non-cash funds for the purchase of (junk) securities to the settlement accounts of enterprises with signs of fictitiousness, namely: Grant-Import-Torg LLC, Prom-Innovation Plus LLC, in the total amount of more than UAH 350 million, which is grand.’

Also, officials of the Motor Sich group of companies committed the embezzlement of property by transferring non-cash funds for the services of reinsurance of their transactions to the settlement accounts of insurance companies ALC IC Khortytsia for UAH 45.5 million, CJSC IC Aelita for UAH 3.6 million, CJSC IC Bifest for UAH 4.3 million, for a total amount of UAH 53.4 million in the same period.

Later, these insurance companies purchased junk securities from enterprises with signs of fictitiousness, thereby transferring non-cash funds into cash and transferring them to the customers of the crime, the court ruling notes, which contains a list of dozens of fictitious companies whose shares were bought by Mr Voitenko and Mr Lunin, the top managers of the JSC Motor Sich, to withdraw funds from the enterprise and their further cashing.

According to the investigation, Mr Lunin signed contracts for the purchase and sale of junk securities with fictitious companies personally, and funds were transferred for their purchase to further cash out with his participation.

According to the submitters of the claim, which will be considered by the Economic Court of the Zaporizhzhia region, Mr Lunin deliberately harmed the enterprise, and Mr Voitenko did not stop such actions, although he had the ability and authority, and had all the information about damages to the enterprise due to the illegal withdrawal of his funds.

Let us recall that it was reported earlier the court summoned the de facto head of Motor Sich for questioning in the case of the arrest of the company's shares. According to lawyers, Mr Boguslaev will help to establish the impact of the SSU criminal case on the current financial condition of the enterprise.

As it is known, the proceedings are currently underway on claims of Motor Sich’s shareholders demanding to lift the arrest in the courts of different instances. Still, the judges refuse to summon the representatives of the Ukrainian authorities such as the SSU, the AMCU, the PO, the CMU, etc.

Lawyers note that the financial and economic performance of Motor Sich has been deteriorating, and the company is losing markets.