By KYIV. Nov 7 (Interfax-Ukraine) – The Ministry of Defense has formed new supervisory boards of JSC Motor Sich, Zaporizhtransformator (ZTR), AvtoKrAZ, Ukrnafta, and Ukrtatnafta(in the last two cases, jointly with NJSC Naftogaz Ukrainy), alienated during martial law into state ownership, Defense Minister Oleksiy Reznikov says.
"General meetings [of shareholders] have taken place. Supervisory boards have been approved, and already in accordance with the laws, corporate governance standards, these supervisory boards will appoint current management, that is, executive heads, and so on, so that the work of enterprises does not stop," he said at a briefing in Kyiv on Monday.
Reznikov added that the task is also set to resume the work of those five enterprises that are now suspended.
As reported, the National Securities and Stock Market Commission, by a decision of November 6, settled the issue of depository accounting of depositary transactions for the forced alienation of shares in the ownership of the state, the issuers of which are PJSC Ukrnafta, PJSC Ukrtatnafta, JSC Motor Sich, PrJSC AvtoKrAZ and PrJSC Zaporizhtransformator.
In addition, on the same day, the National Securities and Stock Market Commission allowed the prompt holding of meetings of joint-stock companies during martial law, if there are no more than five shareholders and if they own 100% of the shares, while until recently it allowed only remote meetings.
In Ukrnafta, the controlling stake is owned by NJSC Naftogaz Ukrainy, while a minority stake of about 42% belongs to the so-called Privat group of Ihor Kolomoisky and Hennadiy Boholiubov, while in Ukrtatnafta (Kremenchuk Oil Refinery), the situation is reversed.
The circulation of all shares of Motor Sich, the largest owner of which is president of the company Viacheslav Bohuslayev who was the recently arrested, has been blocked since April 2018 after the sale of a controlling stake to Chinese Skyrizon and related persons a year earlier.
AvtoKrAZ and Zaporizhtransformator, controlled respectively by Kostiantyn Zhevaho and Konstantin Grigorishin, have been in bankruptcy proceedings in recent years.
