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THE CONSIDERATION OF THE CASE ON THE ‘TEMPORARY’ THREE-YEAR ARREST OF MOTOR SICH SHARES WAS POSTPONED AGAIN: THE LAWYERS EXPLAIN THE CONSEQUENCES

 

The Shevchenkivskyi District Court of Kyiv city has scheduled another hearing on the merits of the case on the removal of four arrests from the shares of PJSC Motor Sich shareholders for December 7.
Lawyers representing the interests of PJSC Motor Sich investors informed RBC-Ukraine that the judge granted the request to provide an online broadcast at a hearing on Tuesday.

As it is known, the prosecutor did not appear at the preliminary court session, so the consideration of the motion was postponed until Tuesday, November 10.

‘We want to draw the attention of the court that even though the arrest is a temporary measure, they have been imposed for more than three years, so the shareholders insist and will insist on the cancellation of the arrests to stop the dismissal of employees, theft at the plant and attract new investments as soon as possible,’ note the lawyers.

Lawyers note that every day keeping the arrest leads to notable losses, in particular, the dismissal of an average of 4 employees (for the period from 2018 to 2020, the staff of PJSC Motor Sich was reduced by 4,536 people). We are also talking about the theft of at least UAH 1.2 million and an increase in shareholders’ losses by UAH 59,617.

‘Our client acquired the rights to these shares fully legally, but he cannot use his corporate rights for a long time. It is an egregious situation for our country because we demonstrate to the whole world our true attitude towards foreign investors by doing it,’ adds Maksimenko, the lawyer.

Lawyers emphasize that representatives of state bodies have recently been quiet about this situation, in connection with which a motion is being prepared to summon all interested representatives of state bodies to court.

Earlier, the company’s lawyers stated that Ukraine is putting pressure on the owners of the shares and that the arrest itself is contrary to ‘the current legislation, the case materials and common sense.’ Lawyers also note that bans on shares worsen the financial position of PJSC Motor Sich as the company’s production volume has decreased several times, technologies are rapidly becoming obsolete, and there are no sales markets.