Reasons for the bankruptcy of ChSY


On 25 June 2021, the Economic Court of Mykolaiv region confirmed the liquidation of Chernomorsky Shipbuilding Yard PJSC (hereinafter referred to as ChSY).

Among the main reasons that led to the bankruptcy and further winding up of ChSY the following can be named:

  • the crisis in the Ukrainian shipbuilding sector that was a result of the global economic recession of 2008 and the tragic events in Ukraine in 2014
  • cessation of state financing for the corvette-class shipbuilding program
  • unfriendly actions of Poroshenko’s authorities in order to take the company under their control and exert influence on the opposition politician Vadym Novynskyi through pressure on business.

To read more about the main reasons for the involuntary bankruptcy of ChSY, follow the link: