**Ukraine’s Top Defense Manufacturer Embroiled in Corruption Scandal**
The former president of Ukraine’s leading aircraft engine manufacturer, Motor Sich, has been detained in Monaco on charges linked to a $650 million asset scheme. Vyacheslav Bohuslayev was arrested by the Ukrainian Security Service (SBU) on May 2, along with his son Oleksandr.
According to investigators, the pair allegedly helped themselves to shares of the strategic defense manufacturer before selling them to third parties for a significant profit. The scheme reportedly began before Russia’s full-scale invasion when Bohuslayev Sr. organized an asset inventory that artificially lowered the value of Motor Sich’s shares. He then purchased 65% of these devalued shares and transferred most of them to offshore entities owned by his son.
The proceeds from the misappropriated assets were allegedly used to purchase luxury real estate across the European Union. The arrest was the result of a joint operation between the SBU, the Prosecutor General’s Office, and law enforcement in Monaco and France.
**A Complex Web of Corruption**
This latest development is just another chapter in the complex web of corruption surrounding Motor Sich. In October 2022, Bohuslayev Sr. was arrested on charges of working for Russia, along with one of his deputies, Oleh Dzyuba. The pair were accused of conspiring to supply engine parts for Russian helicopters.
The corporate rights of several major companies, including Motor Sich, were seized by the Ukrainian government in November 2022 and placed under Defense Ministry management. Bohuslayev now faces additional criminal charges related to his son’s alleged fraud scheme, according to the SBU.
**A Troubling Trend**
This case highlights a troubling trend in Ukraine where corruption seems to know no bounds. The fact that a high-ranking official like Bohuslayev Sr. can engage in such brazen schemes and still manage to accumulate wealth is a clear indication of the country’s ongoing struggle with graft and cronyism.
As the investigation into Motor Sich continues, it will be interesting to see how this case unfolds and what consequences might follow for those involved.
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