DUSHANBE, April 13, 2009, Asia-Plus — The National Bank of Tajikistan (NBT) on April 8 posted the results of a special audit international audit and consulting firm Ernst & Young had carried out at Tajik central bank.
According to the report, the special audit revealed that ex-head of the NBT Murodali Alimardon, who currently serves as Deputy Prime Minister, had allowed for untargeted use of state funds. Using his office, the ex-head of the NBT had transferred state funds to private companies owned by himself, his father and his bother and had gained self-profit from that.
According to the report, Mr. Alimardon denies his participation in the futures company HIMA; however, abbreviation of this company is reportedly stands for “Hayoyev Ismatullo and Murodali Alimardon.”
The report also notes that Tajikistan’s investment companies placed obstacles in the way of auditors to get access to information and they assume that many financial documents were destroyed before the beginning of the audit.
Auditors say nobody knows where some 221.5 million US dollars allocated for the cotton sector in 2004-2007 have gotten to. According to the report, documentation on this subject was destroyed.
The audit report notes that during 2004-2007, Tajik central bank transferred 856.4 million US dollars to the bank account of the company Credit-Invest, and as of August 31, 2008, this company has owed 295.3 million US dollars to the Tajik central bank.
Although these government credits were provided for enhancement of the cotton sector in the country, Credit-Invest used the funds for its commercial needs, the report said. Thus, the company provided a loan of 800,000 US dollars for construction of café in the city of Istaravshan, Sughd province.
Ernst & Young has expressed satisfaction with the level of cooperation with the present NBT administration led by Mr. Sharif Rahimzoda.
We will recall that special audit carried out at the central bank of Tajikistan was suggested by the International Monetary Fund (IMF). In March 2008, the IMF accused Tajikistan of “misreporting” data relating to the fund”s lending program and ordered it to repay $47.9 million in previously extended loans. The “misreporting” was related to loans provided to the country”s struggling cotton sector. The audit is part of a wider Staff Monitoring Program (SMP).
