Due to the evidence collected by the Security Service of Ukraine and the Office of the Prosecutor General, the property of the son of the former president of Motor Sich JSC has been seized. He and his father are suspected of embezzling company assets.

The total value of the seized property is half a billion hryvnias (USD 11.9 mln). This includes 62 commercial and residential properties in Ukraine, corporate rights to 18 Ukrainian companies, and shares in two domestic joint-stock companies.

Among the seized assets are helicopter assembly workshops, a grinding equipment factory, and dozens of Motor Sich properties that the suspects illegally alienated to their own benefit.

In April this year, a joint investigation team of the SSU, the OGP, law enforcement agencies of the Principality of Monaco and the French Republic detained the son of a former head of the industrial giant in Monaco.

According to the investigation, the son and his father illegally acquired a controlling stake in the state-owned enterprise and then sold it for USD 650 million.

At that time, Security Service investigators notified the perpetrators that they were suspected of embezzlement and laundering of property obtained by criminal means on an especially large scale.

To hide the stolen assets, the organizers of the scheme registered them to offshore companies controlled by the son of the former Motor Sich head.

However, an international investigation uncovered all the hidden real estate that the suspects used in their shadow schemes.

The investigation was carried out under the procedural supervision of the Prosecutor General’s Office.