Bakanov, Abromavicius discuss Ukroboronprom reform

The Security Service of Ukraine (SBU) intends to provide expert assistance to State Concern Ukroboronprom in order to ensure more efficient and transparent reform of the state-owned concern, according to the SBU press service.

“Any reform should be carried out not for the sake of the process but for the result that would be of benefit to the state. Therefore, together we have to set new standards, clear and understandable criteria for Ukroboronprom work. The SBU is ready to provide all necessary assistance,” SBU Head Ivan Bakanov said at a meeting with Aivaras Abromavicius, Director General of State Concern Ukroboronprom, on April 27.

In turn, Abromavicius stressed that Ukroboronprom should be transformed into a more modern structure.

“We are building a new defense company and sectoral corporations based on the principles of transparency of financial accountability and fair competition and intolerance of corruption. This approach should raise the efficiency and competitiveness of the entire defense sector of the state,” Abromavicius said.

The parties agreed to maintain a dialogue for effective changes in this area.

As reported, the reform of Ukroboronprom envisages transform of the state concern into six state-owned holding companies in industrial branches. The holdings will be based at the most progressive and promising enterprises of the concern.

Ernst & Young Global Limited (EY) was selected to help Ukroboronprom implement the reform. The project will last for two months and its results will be presented to the Cabinet of Ministers, the National Security and Defense Council, and the relevant parliamentary committee.

iy