MIAMI – As reported by the Kyiv Post, the Zaporizhia-based Ukrainian aircraft engine manufacturer Motor Sich (OZH) is to be nationalized.
The new was announced by Ukraine Secretary of the National Security and Defense Council, Oleksyi Danilov, and the nationalization should take place “in a near future” and “Motor Sich returned to the Ukrainian people”.
The Secretary also added that the operation will be carried out in a “legal and constitutional way” and the investors refunded.
Motor Sich, which is 75% owned by a Chinese group comprising Beijing based Skyrizon Aviation, manufactures engines for aircraft, notably Antonov AN225 Mriya, as well as for helicopters and cruise missiles.
Ban on Chinese Interests
According to AerotimeHub.com, Motor Sich’s shares trading is frozen since 2018. Last January Ukrainian President Volodymyr Zelensky, issued a decree sanctioning Skyrizon and other Chinese concerns which were interested by Motor Sich’s purchase, banning them for a three years period.
The Chinese investors filed an international court claim for US$3.5bn.
Motor Sich, besides manufacturing, repairing and maintaining engines, also operates as an airline and is based in OZH.
Featured image: The administrative building of Motor Sich JSC, one of the world’s leading enterprises for the development, production, repair, and maintenance of aircraft gas turbine engines for airplanes and helicopters. Located in the south-east of Ukraine in the city of Zaporizhzhia. Photo: By Mixabest – Own work, Public Domain, https://commons.wikimedia.org/w/index.php?curid=10583955