France provides EUR 900,000 as technical assistance to Ukroboronprom

Ukroboronprom has received about EUR 900,000 as technical assistance from the French government, Ukroboronprom Director General Aivaras Abromavicius has said.
"This project worth EUR 900,000 reaffirms the trust of our international partners in Ukroboronprom. Technical assistance will be used to fight corruption and raise corporate governance standards," he said at a press conference on Wednesday, March 11.

According to Abromavicius, the anti-corruption component encompasses a forensic thorough audit so as to prevent the use of fraudulent schemes. "Unfortunately, there were a lot of them in the past," he said, adding that such an audit will also help detect fraudulent schemes abroad.

Abromavicius said that raising corporate governance standards is the second sphere that will be covered by the French government's funds. "We plan to build the best corporate governance standards in accordance with Western standards," he said.

Abromavicius said that to implement these projects, the French Embassy in Ukraine would find a consultant company to manage the process.

"The ultimate goal is to turn Ukroboronprom into a holding company. That's why we really need an independent audit," he said.

He expressed hope that the audit process would take four months.

French Ambassador to Ukraine Etienne de Poncins, in turn, noted that the French government has great confidence in Ukroboronprom and its leadership.