DUSHANBE, August 26, 2010, Asia-Plus — The National Bank of Tajikistan (NBT) is currently considering a report on the financial-economic activity of Sohibkorbonk, prepared by its interim management.
Sohibkorbonk’s interim management, appointed by NBT in February this year, submitted the report on the economic situation of Sohibkorbonk for consideration to the central bank on August 20.
“The central bank will consider all proposals presented by the interim management within a month as it is provided for by the country’s legislation and after that it will make decision on this issue,” the NBT source said.
NBT appointed the interim management in open joint-stock company (OJSC) Sohibkorbonk in February this year for six month in order to prevent the bankruptcy of the bank.
Sohibkorbonk has faced a complex economic situation since 2008, when Kazakhstan’s ATF-Bank that owned 75 percent of the shares in Sohibkorbonk sold its equity stake to several Kazakh commercial companies. As a result of economic difficulties, Sohibkorbonk has found itself on the verge of liquidation.
Sharaf Karimov, the temporary administrator of Sohibkorbonk, says the bank’s losses are estimated at 4 million somoni. “It means that Sohibkorbonk does not have enough capital,” said Karimov, “Moreover, many loans provided by the bank have not yet been repaid.”
The sale of part of undigested shares of the bank will allow easing financial difficulties and improving economic indices, he added. “Probably, foreign and local investors will buy some part of the shares,” Karimov said.
Founded in 1999, Sohibkorbonk, with headquarters in Khujand, now has six branches across the country. As of June 30, 2010, Sohibkorbonk’s authorized capital amounted to 12 million somoni, while its regulative capital is now minus 8.9 million somoni.
