Closed Joint-Stock Company (CJSC) Faroz has reportedly decided to go into voluntary liquidation. The company intends to announce its voluntary liquidation next week. Now it is only known that this is not a joke.
CJSC Faroz has informed the Tax Committee about its voluntary liquidation.
An official source within Faroz confirmed the information about voluntary liquidation of the company but refrained from giving further details.
“Indeed, we have filed an application on voluntary liquidation of CJS with the Tax Committee. The more detailed information on this issue will be published next week,” the source told Asia-Plus Friday afternoon.
Meanwhile, the Prague-based news website Akhbor has published a copy of a letter of CJSC Faroz to the Tax Committee under the Government of Tajikistan. But this letter says that the company just intends to stop its activity on supplying petroleum products to Tajikistan’s market.
“Since producers supply petroleum products to Tajikistan’s market directly, Tajik producers purchase petroleum products directly from producers bypassing intermediaries and because of high cost of purchased petroleum products, the company has lost its competitiveness in the country’s petroleum products market,” says the letter.
The letter also notes that global economic crisis and its negative consequences for the region have also affected effectiveness of the company’s financial activity, and “therefore, the general meeting of shareholders has decided to sell all property of the company and apply to relevant agencies for liquidation of the company in accordance with the current legislation,” the letter says.
A voluntary liquidation is a self-imposed wind-up and dissolution of a company that has been approved by its shareholders. Such a decision will happen once a company's leadership decides that the company has no reason to continue operating.
The purpose of a voluntary liquidation is to terminate a company's operations, wrap-up its financial affairs, and dismantle its corporate structure in an orderly fashion, while paying back creditors according to their assigned priority.
Founded in 2008, CJSC Faroz is a highly diversified company having interests in various areas, including pharmaceuticals, banking and fuel distribution. Headquartered in Dushanbe, the company has branches in all large cities and districts of Tajikistan and outside it.
