DUSAHNBE, September 1, Asia-Plus – Swiss businessman Hubert Heidt (phonetically spelled) has sent a letter to Tajik President Emomali Rahmonov with solicitation to assist in resolving his problem.
Mr. Heidt says in his letter that his Tajik partner had deceived him. “Due to your efforts and wisdom of the Tajik people peace and stability have been re-established in the republic, and economic reforms are in full swing and flow of foreign investments is increasing,” says the letter, “However, sometimes investors become victims of greed and deception [of their partners].”
The Swiss businessman says a joint-stock company “HMC Global Management and Trade” was registered in the Swiss Canton of Zug in 1997. The same year, Swiss businessmen decided to launch a joint venture “HMX-Asia LTD” in Khujand. The Swiss side owned 85 percent of the shares and Tajik partner – limited liability company “Latif” – assumed the 15 percent ownership interest in this enterprise.
“A total amount of investments made by the Swiss company has amounted to US$2.5 million that later were misappropriated by the Tajik partner,” the letter says.
“Swiss investors already in 1999 realized hopelessness of joint work with the Tajik side and understood that funds invested in the enterprise are not compensated because of dishonesty of the Tajik partner.”
Mr. Heidt notes that using funds of foreign partners, the Tajik partner, A. Ismoilov, purchased a big market and TV station in Khujand. He built a large house for his residency.
“The Swiss side has lodged complaints to the President’s Executive Office, the Majlisi Oli and the Prosecutor-General’s Office,” says the letter, “By order of head of state the State Finance Control Committee, tax services and prosecutors carried out inspections and revealed numerous violations of law. Criminal proceedings have been instituted, but the Tajik side continues “doing its business…”
The letter also notes that it is already the third year that economic courts in Tajikistan are considering the action brought by the Swiss company against its Tajik partner.
“Dear Mr. President, I ask you for assistance in restoring justice and protecting our interests,” the letter states.
