Several strategically important Ukrainian enterprises transferred to state ownership

7 November 2022, 03:17 PM
Shares of Motor Sich transferred to state ownership (

Shares of Motor Sich transferred to state ownership (

Several strategically important enterprises have been transferred to state ownership, the Ekonomichna Pravda business outlet reported on Nov. 7.

Ekonomichna Pravda referred to sources at the National Securities and Stock Market Commission of Ukraine (NSSMC) and minority shareholders of the Ukrnafta national oil company.

In particular, the enterprises relate to businessmen Kostyantyn Zhevago, Ihor Kolomoisky and Kostyantyn Hryhoryshyn, as well as the recently detained president of the Motor Sich engine manufacturing firm, Vyacheslav Boguslayev.

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A source of NV Business at the NSSMC has confirmed this information.

According to the source, the NSSMC on Nov. 6 made a decision to ensure the compulsory sale of shares in PJSC Ukrnafta, PJSC Ukrtatnafta, JSC Motor Sich, PrJSC AvtoKrAZ and PrJSC Zaporizhtransformator to the state.

In this way, the regulator allowed the transfer of the shares of these companies from the accounts of private individuals to state property.

Kolomoisky’s companies own about 42% of the shares in Ukrnafta (the largest oil producing company of Ukraine), while the state (NJSC Naftogaz of Ukraine) owns 50% and one share. Other shares are owned by minority shareholders.

Kolomoisky and his business partner Hennadiy Bogolyubov own about 60% of the shares in Ukrtatnafta. Other shares are also owned by Naftogaz of Ukraine.

The Kremenchuk Oil Refinery, which was shut down due to Russian missile attacks in May, is a key asset of Ukrtatnafta.

Boguslayev was until recently the owner of Motor Sich, but sold 56% of the company’s shares to the Chinese holding company Beijing Skyrizon Aviation Industry Investment Co Ltd in 2017.

However, the transactions with the company’s shares were blocked and subsequently nullified due to violations of antimonopoly legislation.

Boguslayev himself was arrested on treason charges in October 2022.

The AvtoKrAZ company is engaged in the production of heavy trucks. The company is part of the Finance and Credit Group owned by businessman Zhevago.

PrJSC Zaporizhtransformator produces transformer and reactor equipment. The enterprise is insolvent and is owned by Russian businessman Hryhoryshyn, who is a native of the city of Zaporizhzhya.

It is currently unknown whether the former owners and minority shareholders in these enterprises will be compensated for their loss of the shares.

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