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PGO suspects Motor Sich managers of misappropriating UAH 350mn

500,000 dollars in cash and masses of antiquarian valuables were seized during searches.

PGO suspects Motor Sich managers of misappropriating UAH 350mn
Photo: Photo: facebook.com/LarysaSargan

Ukraine's Prosecutor-General's Office is probing into a criminal scheme by the management of the public joint stock company Motor Sich (Zaporizhzhya) in Zaporizhia. Motor Sich is a major manufacturer of engines for airplanes and helicopters. The prosecutor believe that the scheme resulted in 350mn hryvnia embezzlement.

PGO's press secretary Larysa Sarhan said on Facebook on 21 July that the investigation has established that Motor Sich top managers during 2013–2016 spent UAH 350mn in corporate funds purchasing "garbage" securities ''from a number of companies with signs of fictitiousness" and then cashed the proceeds.

Sarhan also said that during the searches in the offices and homes of the suspects, prosecutors seized 500 thousand dollars in cash and a significant amount of antiquarian valuables. A court is decide on the arrest of the confiscated property.

Pre-trial investigation is underway, she said.

On 20 July, law enforcement officers conducted searches at the offices of Motor Sich and Motor Bank, owned by Ukrainian MP Vyacheslav Bohuslayev.