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Ukraine nationalizes five companies of strategic importance

The state of Ukraine has assumed control of five companies of strategic importance, the secretary of the National Security and Defense Council (NSD), Oleksey Danilov, announced on Monday.

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“The confiscated property has acquired the status of military property and its management has been transferred to the Ministry of Defense of Ukraine,” Danilov said in an appearance before the press in kyiv, in statements quoted by Ukrainian media.

The nationalized companies are Ukrnafta, the largest oil and natural gas extractor, the aircraft engine manufacturer Motor Sich, the oil refiner Ukrtatnafta, the automobile manufacturer AutoKrAZ and the power transformer producer Zaporozhtransformator.

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Danilov indicated that, once martial law is lifted, the companies can be returned to the control of their original owners or they will receive financial compensation.

The decision was made on November 5 at a meeting of the NSD chaired by the Ukrainian president, Volodymyr Zelenskyin which the expropriation of the shares of said companies in private hands was ordered.

“To meet the needs of the country under martial law we have the right to make these decisions,” Danilov summed up.

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According to Ukrainian media reports, 42% of Ukrnafta shares were so far in the hands of the oligarch Ihor Kolomoysky, who also owned most of Ukrtatnafta and is considered one of the sponsors of the Ukrnafta election campaign. Zelensky in 2019.

The owner of Motor Sich was Vyacheslav Bohuslaev, arrested since last October on charges of treason for allegedly cooperating with a company that produces weapons for the Russian Army.

AvtoKrAZ, which makes heavy trucks, is part of a conglomerate owned by oligarch and former deputy Konstantin Zhevago, who is suspected of fraud and fled the country in March this year.

Source: Elcomercio

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