Boguslaevs profited from half a billion dollars, and only half a billion hryvnias were seized
22 May 15:51
Law enforcement officers have seized the property of the son of the former president of Motor Sich JSC, Oleksandr Boguslaev, totaling half a billion hryvnias. The suspect, along with his father, is accused of embezzling the assets of the aviation giant, "Komersant Ukrainian" reports.
According to the SBU, the list of blocked property includes 62 commercial and residential real estate objects throughout Ukraine, corporate rights to 18 Ukrainian companies and shares in two domestic joint-stock companies.
The seized assets include strategically important aviation facilities: helicopter assembly workshops, a grinding equipment manufacturing plant, and dozens of other Motor Sich facilities that the defendants illegally alienated in their favor.
International operation in Monaco
In April of this year, a joint investigation team of the SBU, the PGO and law enforcement agencies of the Principality of Monaco and the French Republic detained the son of the former head of the industrial giant in Monaco.
According to the investigation, the son and his father illegally seized a controlling stake in the state-owned Motor Sich enterprise and subsequently sold it for USD 650 million.
The organizers of the scheme were suspected of misappropriation and laundering of the proceeds of crime on a particularly large scale.
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Asset concealment scheme
To disguise the looted assets, the organizers of the scheme registered them in controlled offshore companies run by the son of the former Motor Sich CEO.
However, an international investigation revealed all the hidden real estate used by the defendants in the shadow financial schemes.
However, the Bohuslaevs sold their shares for more than half a billion dollars, and Ukrainian law enforcement officers seized only half a billion hryvnias.
What is known about the Bohuslaev family and the corruption scandal surrounding Motor Sich
Viacheslav Bohuslaev is a Ukrainian engineer and politician who has been the head of Motor Sich, one of the world’s leading aircraft engine manufacturers, for more than two decades. His son, Oleksandr Bohuslaev, was also involved in the company’s activities.
In October 2022, the Security Service of Ukraine detained Viacheslav Bohuslaev on suspicion of high treason and aiding the aggressor state. The investigation found that Motor Sich’s management supplied aircraft engines to Russia that were used in military equipment.
Journalistic investigations revealed that the Bohuslaev family owns a significant amount of luxury real estate abroad, particularly in France and Dubai. In France, their assets are estimated at several million euros, and in Dubai – at more than $15 million.
Following the arrest of Vyacheslav Boguslaev and the discovery of irregularities in the company’s operations, Motor Sich was nationalized and transferred to the Ministry of Defense of Ukraine. This decision was made to ensure the strategic security of the state and prevent further abuse.
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