Business news from Ukraine


4 August , 2020  

The son of Motor Sich’s Honorary President Oleksandr Bohuslayev has bought the Gallinara Island in the Ligurian Sea near the Italian Riviera from several owners for more than EUR 10 million.
According to the Italian newspaper Corriere della Sera’s website, the deal on the acquisition was concluded by the Galinette company from Monaco, belonging to a 42-year-old native of Zaporizhia with Grenada citizenship, Oleksandr Bohuslayev, allegedly the son of PJSC Motor Sich’s honorary president, MP Viacheslav Bohuslayev.
According to the publication, the turtle-shaped island, about 0.5 km long, is located 1.5 kilometers from the coast between the towns of Albenga and Alassio and is a nature reserve closed for tourists. The island was previously owned by wealthy Italian bankers.
“Significant debts to the tax authorities, partners’ economic problems – the sale [of the island] is overdue. Bohuslayev entered into negotiations in May, and on July 17 the deal went through. Ideally, Bohuslayev can now plant a Ukrainian [or Grenada] flag on the top of the turtle island,” the article says.
PJSC Motor Sich is one of the world’s largest manufacturers of aircraft engines, as well as industrial gas turbine plants. The company delivers its products to more than 100 countries worldwide.
Until recently, the largest individual shareholder of PJSC Motor Sich was the company’s Honorary President, MP Viacheslav Bohuslayev, who in 2016 declared the reduction of his stake in Motor Sich from 15.8% to 1%. He also included in the income earned in 2016 the investment income from the securities trader Motor-Dealer owned by PJSC Motor Sich in the amount of about UAH 1.07 billion.

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