State-owned Ukroboronprom reorganized into JSC Ukrainian Defense Industry

MOSCOW. June 29 (Interfax) - State-owned Ukroboronprom has been transformed into the Ukrainian Defense Industry joint-stock company as part of the corporatization process, Ukrainian Strategic Industries Minister Alexander Kamyshin said.

"We are starting changes in the country's largest defense enterprise. An important step is transformation. The functioning of the Ukroboronprom state-owned concern was terminated today. The Ukrainian Defense Industry joint-stock company was created at the same time," Ukrainian media outlets quoted Kamyshin as saying in a social media post in the early hours of Thursday.

The next step is the transfer of the staff and assets and further transformation processes, the minister said. A supervisory board in line the standards of the Organization for Economic Cooperation and Development will subsequently be formed.

As reported, German Smetanin, who most recently headed Ukroboronprom's Malyshev Plant, was appointed by the Ukrainian government on June 28 as general director of JSC Ukrainian Defense Industry (Ukroboronprom) until the supervisory board is formed and until a contest takes place to fill in this post. Ukroboronprom was previously headed by Yury Gusev.