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Ukrainian Motor Sich to Sell 50% Stake to Turkish Firm Our Bureau 2115
Ukrainian jet engine maker Motor Sich wants to sell half of its stakes to a Turkish company.
Motor Sich’s engines power Antonov planes, besides “Mi” and “Ka” series of military helicopters used by nearly fifteen countries.
The sale of some 50% stake in the Ukrainian firm to a Turkish company with a state share in the capital was discussed by President Volodymyr Zelenskiy and Turkish leader Recep Tayyip Erdogan on Saturday, Chas News reported citing sources in the Ukrainian government.
Zelenskiy paid an official visit to Turkey last week for the ninth meeting of the Turkey-Ukraine High Level Strategic Cooperation Council.
Analysts see the Ukrainian decision to seize the assets of aerospace company Motor Sich as a sign of Kyiv’s increasing confidence in favouring Washington’s interests over that of its other key ally, China.
On March 11, the National Security and Defense Council of Ukraine (NSDC) announced the nationalisation of Motor Sich, one of the world’s leading manufacturers of aircraft engines and gas-turbine installations. On March 20, its assets were seized and transferred to the Asset Recovery and Management Agency of Ukraine (ARMA) for management.
In 2016, Beijing Skyrizon Aviation Industry Investment bought 76 per cent of shares in Motor Sich from its owner Vyacheslav Boguslaev.
Ukraine: Imposition of new set of Sanctions Affecting Chinese Investors, Media Companies and other parties
Between 28 January and 2 February 2021, the president of Ukraine enacted1 three decisions of the National Security and Defense Council of Ukraine imposing personal special economic and other restrictive measures.
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1 three decisions of the National Security and Defense Council of Ukraine (“
Sanctions Decisions“) imposing personal special economic and other restrictive measures (sanctions).
The Sanctions Decisions target the following parties:
Chinese nationals Wang Jing, Du Tao, Cheng Huisheng and companies Skyrizon Aircraft Holdings Limited, Hong Kong Skyrizon Holdings Limited, Beijing Skyrizon Aviation Industry Investment Co. Ltd., Beijing Xinwei Technology Group Co. Ltd. and Twinstar Holdings S.A. (“
Ukraine Imposes Sanctions Against Chinese Investors Of Motor Sich And Related Companies For 3 Years Даша Зубкова
Ukraine imposed sanctions for three years (until January 2024) against Skyrizon Aircraft Holdings Limited (British Virgin Islands), which owns 10% of shares in the largest manufacturer of aircraft engines and gas turbine units Motor Sich (Zaporizhia), Beijing Skyrizon (China) wishing to purchase shares of the enterprise, as well as related companies.
This is stated in Presidential Decree No. 29/2021 of January 28, which enacts the decision of the National Security and Defense Council of Ukraine (NSDC), Ukrainian News Agency reports.
The sanctioned list of legal companies includes Skyrizon Aircraft Holdings Limited and Hong Kong Skyrizon Holdings Limited, owned by Beijing Skyrizon Aviation Industry Investment, Beijing Skyrizon itself, and Beijing Xinwei Technology Group Co., which controls Beijing Skyrizon.