Parliamentary Deputy Viacheslav Bohuslaev has sold the Motor Sich engine manufacturing company (Zaporozhe), the Zaporozhe-based IPnews publication reports.
According IPnews, replacement of the leadership of the company’s board of directors is currently taking place, and the heads of all its structural subdivisions will also be replaced.
"Motor Sich has not yet publicized this information officially, and it has also said nothing about its new owners,” the publication wrote.
As reported earlier, Bohuslaev was relieved of the post of chairman of Motor Sich’s board of directors on March 7 this year based on a request he himself made in December 2012. Bohuslaev headed the company’s board of directors for 18 years.
This decision was made at a time of high public interest in parliamentary deputies combining their parliamentary jobs with other jobs. At that time, several parliamentary deputies were stripped of their parliamentary mandates for combining their parliamentary jobs with corporate executive positions.
A month before Bohuslaev was relieved of the post, reports emerged that Motor Sich’s shareholder structure had changed. Business House Helena (Panama) increased its stake in the company from 9.4% to 17.31% and The Bank of New York Mellon increased its stake from 9.78% to 10.47%. Experts suggested that Bohuslaev’s share in the company remained at 15%, and the widespread belief that he controls 70% of Motor Sich has never been based on official information because the shares are held through various offshore companies, the names of which are not known to the market. Nobody knows exactly what proportion of the company Bohuslaev controls.
In September 2012, Bohuslaev publicly stated that he was ready to merge Motor Sich with the Russian state-owned United Aircraft Manufacturing Corporation. The Zaporozhye-based company is of strategic importance to Russia because the company produces a significant proportion of the engines used by Russian helicopters, including military helicopters.
Motor Sich is one of the world's largest manufacturers of aircraft engines and industrial gas turbines. The company reported a net profit of UAH 1.619 billion on net revenues of UAH 6.971 billion for 2012, based on international accounting standards. Its net profit reduced by a third to UAH 1.207 billion and its net revenue increased by 17.6% to UAH 5.917 billion in January-September 2013.
