Criminal

SBU has uncovered a large-scale scheme to embezzle assets from Motor Sich: Boguslaev’s son detained in Monaco

The SBU and the OGP, together with law enforcement agencies in France and Monaco, detained the son of the former president of Motor Sich for embezzlement of the company's assets / Photo: SBU
The SBU and the OGP, together with law enforcement agencies in France and Monaco, detained the son of the former president of Motor Sich for embezzlement of the company's assets / Photo: SBU

The Security Service of Ukraine (SBU), in cooperation with the Office of the Prosecutor General, has exposed a scheme for the illegal appropriation of assets belonging to the state-owned enterprise Motor Sich. According to the investigation, the perpetrators took control of a controlling stake in the company and sold it for $650 million. As part of an international investigation, the son of the former head of the company was detained in Monaco.

As a result of joint efforts by Ukrainian law enforcement agencies and law enforcement agencies in Monaco and France, Oleksandr Boguslaev, the son of former Motor Sich president Vyacheslav Boguslaev, was detained. Both are suspected of embezzlement of state property. The investigation established that even before the start of Russia’s full-scale invasion, they had appropriated the company’s shares by artificially lowering their value through inventory. Subsequently, 65% of the shares were resold at an inflated price, and most of them were transferred to the accounts of six offshore companies controlled by the son.

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Using these structures, the suspects sold the assets to foreign companies. According to the investigation, the proceeds were spent on the purchase of luxury real estate in the European Union. As part of the investigation, searches were carried out at the villa in Monaco where the detainee lived, as well as at the homes of persons associated with him in Zaporizhzhia.

Boguslaev’s son has been charged with laundering money obtained through criminal activity as part of an organised group. He faces up to 12 years in prison and confiscation of his assets. New charges have also been brought against Vyacheslav Boguslaev himself, who is currently in custody on charges of cooperation with Russia. His actions have been additionally classified as large-scale embezzlement and money laundering.

The investigation is being conducted under the procedural supervision of the Office of the Prosecutor General.


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