DUSHANBE, July 16, 2013, Asia-Plus — Kont Investment Bank with headquarters in Dushanbe has reportedly decided to complete two of eight half-finished apartment buildings of Tajikistan’s largest real estate development company, Movarounnahr.
Buzurgmehr Yorov, an accredited representative of Movarounnahr says the bank top managers met with representatives of Movarounnahr on July 15 and expressed wish to complete two of eight half-finished apartment buildings located at Bobojonghafurov and Ismoili Somoni streets.
“Some 2.3 million U.S. dollars are needed to finish these apartment buildings and customers will have to pay 2,000-3,000 U.S. dollars in addition each because of rise in prices for building materials,” Yorov said.
According to him, Movarounnahr is currently seeking investors for finishing the remaining six apartment buildings.
We will recall that the Movarounnahr top manager Jourabek Okhonov was arrested on November 2010. He was sentenced to 14 years in prison on July 5, 2012. The sentence followed his conviction on charges of a large-scale fraud, illegal entrepreneurship, and causing property loss by deception or abuse of confidence and misappropriation.
The appeals court of Tajikistan”s Supreme Court considered an appeal by Jourabek Okhonov’s lawyers and partially acquitted him. The charge of causing property damage by deception or abuse of confidence was dropped and the court reduced Okhonov’s jail term by six months.
Eight half-finished apartment buildings, which were supposed to be put up for sale, were handed over to shareholders on May 20 this year as a court in Dushanbe’s Sino district ruled that the half-finished facilities should be handed over to Movarounnahr’s customers. In a ruling handed down on May 20, the court also overturned the decision of bailiffs on seizing the company’s property.
