Ukraine to privatise plant confiscated from Russian senator

Ukraine plans to privatise a plant previously owned by Sergei Kalashnik, a senator in the Russian Federation Council (the upper house of the Russian parliament). Kalashnik was included in the sanctions list by Ukraine's National Security and Defence Council in September 2022. Source: Taras Melnychuk, a representative of Ukraine's Cabinet of Ministers (the government) in the Ukrainian parliament

Details: The Cabinet of Ministers has included 100% of the authorised capital of Motordetal-Konotop in its list of major privatisation targets.

In August 2023, Ukraine's High Anti-Corruption Court upheld the Justice Ministry's claim to recover assets owned by Kalashnik. At the beginning of this year, Ukraine completed the nationalisation of the Motordetal-Konotop plant, with the State Property Fund becoming its new owner. The Konotop-based plant is one of Europe's largest producers of cylinder liners for automotive, tractor, marine, diesel and stationary internal combustion engines.

Its production facilities feature iron foundries, machining and auxiliary workshops.

Background: 

• Ukraine's State Property Fund is preparing to include Motordetal-Konotop in the list of privatisation targets.

  Located in Konotop, it generates profits for Ukraine's treasury and employs over 700 people.

• On 10 August 2023, the High Anti-Corruption Court ruled to confiscate assets belonging to Russian Federation Council Senator Sergei Kalashnik.

Support UP or become our patron!