KHUAJND, June 16, Asia-Plus — The Ministry of Energy of Industries (MoEI) has sent a letter to the government asking to declare the Tajik-Korean joint venture Kabool-Tajik Textiles bankrupt.
In former times, based in Khujand, the capital of the northern Sughd province, this enterprise had accounted for 24 percent of the volume of industrial goods produced in northern Tajikistan, while at present the joint venture owes more than $78 million to its creditors. According to the Khujand mayor’s office, Kabool-Tajik Textiles now owes $1.8 million to the Sughd farmers alone.
The source at the Khujand mayor’s office said that open-joint-stock company (OJSC) Abreshim (Silk), which owns 44 percent of the shares in the joint venture, had applied to the Ministry of Foreign Affairs (MFA), asking for help to get in touch with Kabool LTD, which assumes the 56% ownership interest in the enterprise, through diplomatic channels.
Speaking in an interview with Asia-Plus, Tohir Boboyev, former member of the Kabool-Tajik Textiles directors’ board, said that the enterprise will scarcely escape bankruptcy.
According to specialists, enterprise’s shareholders intend to hold a meeting to elect a new administration of the enterprise to restore functioning of the joint venture.
In the meantime, Zayd Saidov,, representative of the company Zigrapho (phonetically spelled) Investment LTD also former Tajik minister of industries, told Asia-Plus that Kabool LTD had always ignored views of Tajik shareholders while having made decisions.
“The enterprise activity has not met requirements of both national and international laws,” said Saidov, “The Korean company just wanted to get a loan for launching the enterprise. Tajik shareholders have repeatedly applied to the Kabool LTD president and other high-ranking officials but have not yet received reply. I think such an action is contempt of our country.”
By order of its director general Kim Dang Kabool-Tajik Textiles stopped operations on March 20. the decision was motivated by shortage of raw materials and lack of internal assets. The same day, all Korean representatives left the country without notifying their Tajik partners.
Kabool LTD manufactures man-made fiber fabrics and yarns. The company”s products include cotton, rayon, polyester, nylon, mixed fabrics, and blended fabrics. It focuses on the research and development of value-added fabrics, such as soybean and bamboo fibers. Kabool was founded in 1958 and is based in Taegu, South Korea.
