The successful business activity of JSC Motor Sich requires long-term technological and managerial planning, as well as huge investments for the Ukrainian aircraft engine manufacturer to gain access to promising Chinese and other international markets, as well as to maintain its competitive technological advantages.
It was stated by Wang Jing, a key shareholder of Beijing Xinwei Technology Group and Beijing Skyrizon, which acquired shares of JSC Motor Sich in 2016, in a video message provided by RBC-Ukraine.
‘As an investor, I’m surprised by one question. Why does no one care about the survival of Motor Sich besides us? The company must formulate and implement strategic medium-term and long-term plans for the development of its products and services to gain a greater market share in the largest, fastest-growing Chinese market in the world, take a stronger position in it and obtain development prospects. Why has nothing of this happened and is not happening so far?’ says Wang Jing.
The businessman emphasizes that Ukraine still maintains its position as one of the largest foreign suppliers of engines to China. But he recalls that even the unique worldwide D-18T turbojet bypass engine manufactured by Motor Sich, the powerful D-136 turboshaft engine and the most classic turboshaft engine of the TV3-117 series will soon face severe challenges and competition from Chinese and world analogues if the company is unable to resume regular activity soon to engage in engine development and modernization.
According to Wang Jing, his company is ready to invest heavily in engine modernization and engineering development. It is the only way to maintain the short-term competitive advantages of Motor Sich.
‘Motor Sich company is rapidly declining, and we, as investors, are suffering huge losses. And all this is because unforeseen circumstances have occurred. It should not have happened at all. And the source of all these circumstances is far from the commercial level. But today, we still do not know what caused our legal rights and interests to be unjustifiably violated. Moreover, we did not even receive any clear explanations,’ said Beijing Skyrizon shareholder commenting on the arrests of shares.
In his opinion, it is now not clear who will be responsible when tens of thousands of Ukrainian workers lose their jobs finding themselves on the streets, and a 100-year-old enterprise is on the verge of bankruptcy.
‘We will defend our legitimate rights and interests. But winning in court does not always mean victory. My understanding of victory is to share the joy of success with Ukraine. I sincerely hope that Ukraine and we will be able to come to mutual benefit, shared victory and joint development. It is the result that we should get,’ the Chinese businessman summed up.
At the same time, he emphasized that he was following the state of affairs in Ukraine and wished a fast recovery to everyone affected by the COVID-19 pandemic.
‘As the sincerest friend and closest partner of Ukraine, being in Beijing, I sincerely wish my Ukrainian friends and all Ukrainians to unite their efforts and defeat the pandemic as soon as possible. I also sincerely wish that every our friend, partner and Ukrainian could live healthier, happier, freer and happier every day when fighting against the pandemic. I will also make every effort for this,’ he said.
Let us recall that Chinese businessman Wang Jing explained the reason for his companies' interest in Motor Sich earlier in an interview with RBC-Ukraine.
As it is known, the Shevchenkivskiy District Court of Kyiv city refused to withdraw the arrest on the shares of JSC Motor Sich on September 14. 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 systematically violated.
In turn, Chinese investors from Skyrizon sent a message to the Ukrainian government about their intention to start international arbitration against Ukraine on September 4, demanding compensation for $3.5 billion in damages.
