District Court of Kyiv city refused to remove the arrest on the shares of the enterprise
The Shevchenkivskiy District Court of Kyiv city refused to lift the arrest of the shares of JSC Motor Sich. According to the lawyers of the shareholder company, the court is trying to keep the situation at the enterprise frozen by this decision, and the rights of shareholders continue to be regularly violated.
It was stated by the lawyer Aleksandr Maksimenko, commenting on the results of the court session on Monday, September 14.
‘There are four identical arrests for the same property as of today, taking into consideration the refusal of the court. Accordingly, criminal proceedings continue, and there is not a single suspect. The case is hopeless and does not imply that someone in the future could be brought to criminal liability,’ said Maksimenko, the lawyer.
According to lawyers, the shares were imposed with one single purpose that is to freeze the company's business activities and prevent new shareholders from exercising their corporate rights.
Also, Viacheslav Boguslaev, the honorary president of JSC Motor Sich, de facto managing the enterprise for 30 years, did not appear in court as a witness today.
Wherefore, the defence asked to re-summon Boguslaev to the court, as due to the deadlines, all the necessary procedures for informing him might not have been provided.
According to lawyers, Boguslaev could have helped the court establish the real impact of the SSU criminal case on the current financial condition of the enterprise. However, the court refused to postpone the hearing due to the absence of Boguslaev.
At the same time, lawyers once again drew the court's attention that due to the long-term seizure of the company's shares, the net financial result from about UAH 2.8 billion in 2017 decreased to about UAH 0.6 billion in 2020; also the rate of sold products has dropped to about 40% of 2017 values as of today.
‘It is not our opinion only; it is the conclusion of specialists, in particular, Valeriy Zhuk, Doctor of Economics and Academician of the National Academy of Agrarian Sciences of Ukraine, Yulia Bezdushnaya, Candidate of Economic Sciences, Head of the Accounting and Taxation Department, Senior Researcher of the Educational and Research Centre “Institute of Agrarian Economics” of the National Academy of Sciences of Ukraine, and Viacheslav Neberukhin, Candidate of Economic Sciences, who conducted a corresponding study of the company's financial statements. Experts are convinced that the economic situation in the country could not lead to such disappointing financial indicators of the company, this is the result of the arrest of shares,’ added Ekaterina Shapran, the lawyer.
It is worth noting that this court decision does not provide for an appeal. However, lawyers said that the struggle to withdraw the arrest of shares in the company does not stop. They note that there are other legal methods using which the defence will continue to seek justice.
Let us recall that Wang Jing, Chinese businessman, a key shareholder of Beijing Xinwei Technology Group and Beijing Skyrizon (investor companies of PJSC Motor Sich), explained the reasons for his companies' interest in Motor Sich in an interview with RBC-Ukraine.
As it is known, the Kyiv Court of Appeal refused to lift the arrest from the shares of JSC Motor Sich and summon government officials to a meeting on August 27.
According to the lawyers of the shareholder company, the state puts pressure on the shareholders, and the arrest itself contradicts the current legislation, case materials and common sense.
In turn, Chinese investors from Skyrizon sent a message to the Ukrainian government intending to initiate international arbitration against Ukraine, demanding compensation for $ 3.5 billion in damages on September 4.
As a businessman and owner of the DCH group of companies Aleksandr Yaroslavskyi said earlier, the authorities must
stop preventing the legal shareholders of Motor Sich from disposing of their property.
