The Agency for State Financial Control and Combating Corruption has instituted criminal proceedings over embezzlement of funds of Agroinvestbonk, Qutbiddin Safarzoda, the head of the anticorruption agency investigative department, told reporter in Dushanbe on July 28.
According to him, the criminal proceedings have been instituted over embezzlement of 391 million somoni.
“Investigators have questioned 40 officials of the bank and senior heads of various Tajik companies to reveal where the loans have gone,” Safarzoda said.
He further noted that investigators intended to reveal facts of illegal lending and embezzlement of loans.
Recall, two Tajikistan’s large banks — Tojiksodirotbonk (TSB) and Agroinvestbonk — have been experiencing financial problems since the beginning of 2016, and therefore cannot fully meet their obligations to customers.
In 2017, the government provided financial assistance to these banks. Tojiksodirotbonk received a total of 2 billion 250 million somoni, and Agroinvestbonk – 1 billion 70 million somoni.
State support has been granted for a five-year term at 2% per annum.
The banks pledged to simultaneously improve their financial condition, in particular by attracting additional investments.
The government now owns 85.9 percent of the shares in Tojiksodirotbonk and 87.3 percent of shares in Agroinvestbonk.
Tajik central bank head Jamshed Nourmahmadzoda told reports in Dushanbe on July 22 that over the first six months of this year, the banks have reportedly repaid 211 million somoni to their customers
Founded in 1992, Agroinvestbonk, with headquarters in Dushanbe, is now 87.3 percent government-owned as a result of the bailout program. It has main branches in Khorog, Khujand, Kulob and Bokhtar and more than 60 other branches across the republic. In 2012, the government made a decision on recapitalization of Agroinvestbonk and injected 700 million somoni in the bank. 200 million somoni went to replenishing the bank authorized capital stock and 500 million somoni were assigned for the swap.
