The Security Service of Ukraine has gathered evidence to seize the property of the son of the former president of Motor Sich JSC, who, together with his father, is suspected of embezzling the company's assets.
Points of attention
- Ukraine's Security Service has gathered evidence and seized the property of Oleksandr Boguslaev Jr., son of the former president of Motor Sich JSC, for embezzling company assets.
- The seized property includes 62 real estate objects, corporate rights to 18 Ukrainian companies, and shares of 2 joint-stock companies, totaling half a billion hryvnias.
- The embezzlement case involves allegations of illegal alienation of assets for personal gain, including helicopter assembly shops, production plants, and Motor Sich facilities.
Ukraine has seized the property of Boguslaev Jr. worth half a billion UAH
According to the SBU, the total amount of the blocked property is half a billion hryvnias. This includes 62 commercial and residential real estate objects in Ukraine, corporate rights to 18 Ukrainian companies, and shares of 2 domestic joint-stock companies.
Among the seized assets:
helicopter assembly shops;
grinding equipment production plant;
dozens of Motor Sich facilities.
The defendants illegally alienated them for their own benefit.
The SBU does not name the suspect, but we will recall that in April of this year, Ukrainian law enforcement officers, together with law enforcement officers from France and Monaco, detained the son of the former president of Motor Sich, Oleksandr.
According to the case materials, the son and his father illegally seized a controlling stake in a state-owned enterprise, and then sold it for $650 million. To hide the stolen assets, the organizers of the deal registered them in controlled offshore companies managed by the son of the former head of Motor Sich.
Former Motor Sich president Vyacheslav Boguslaev, who is subject to EU sanctions, is suspected of possible involvement in the supply of equipment that Russia could use for military purposes, including engines and components.
In April 2024, a decision was made to confiscate the property of the former president of Motor Sich JSC. And in August last year, Ukraine decided to direct almost 80 million hryvnias from the accounts of the former owner of Motor Sich, Vyacheslav Boguslaev, to the Fund for Eliminating the Consequences of Armed Aggression.
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