DUSHANBE, April 3, 3014, Asia-Plus – Dushanbe’s Economic Court has invalidated privatization of the clothing factory Guliston.
“On April 2, Dushanbe’s Economic Court invalidated privatization of Closed Joint-Stock Company (CJSC) Guliston on the basis of a suit filed by the Agency for State Financial Control and Combating Corruption,” Ishoq Tabarov, the defense lawyer of the family of controversial Tajik tycoon Zayd Saidov, told Asia-Plus in an interview.
According to him, Ukrainian billionaire Dmitry V. Firtash assumes the 95% ownership interest and Zayd Saidov’s son, Khairullo Saidov, owns 5 percent of shares in this enterprise.
“The court ruled that the enterprise must be handed over to the Ministry of Industry and New Technologies,” said Ishoq Tabarov. “We do not agree with this ruling and we will launch an appeal against the court’s decision.”
The clothing factory Guliston was privatized in 2002, when Zayd Saidov was Minister of Industry of Tajikistan and representatives of the anticorruption agency note that Zayd Saidov allegedly promoted illegal privation of the enterprise using his official status.
Earlier, Dushanbe’s Economic Court invalidated privatization of three facilities in Dushanbe on the basis of a suit filed by the anticorruption agency.
Lawyer Ishoq Tabarov says the ruling is illegal because twenty-two years have passed since these facilities — LLC Tojikmarmar (marble processing), Modnaya Tochka (boutique) and three-storey business center – were privatized with participation of Zayd Saidov and the term of recovery of claims expired.
Meanwhile, anticorruption officers are currently inspecting the fertilizer plant, TojikAzot, which is located in Khatlon province. This debt-ridden and loss-making fertilizer plant has not been in operation since 2008 due to lack of natural gas supplies.
TajikAzot is partly state owned, with the government controlling a 25 percent stake in the troubled enterprise. Cypriot-registered Highrock Holdings Ltd, owned by Ukrainian energy magnate Dmitry Firtash, controls the remaining 25 percent of the enterprise.
Last month, the anticorruption agency applied to Khatlon’s Economic Court for invalidating an agreement on establishment of the JV TojikAzot, which was also established in 2002, when Zayd Saidov was Minister of Industry.
We will recall that the Supreme Court sentenced Zayd Saidov, who is the leader of Tajikistan”s unregistered New Tajikistan party, to 26 years in prison and confiscation of property on December 25. The sentence followed his conviction on charges of financial fraud, polygamy, and sexual relations with a minor. The court also imposed an 80,000-smoni fine and stripped Zayd Saidov of all previous state honors and awards. Zayd Saidov is also barred from doing business for five years after release.
Saidov”s supporters say the case against him was politically motivated.
