Jamshed Ziyoyev, ex-chairman of Tajprombank that collapsed under the weight of bad loans has reportedly been transferred from the temporary detention facility to the pretrial detention center. He is reportedly testifying against persons who have been involved in the bank’s illegal bargains.
Meanwhile, it is still unknown what charges have been officially brought against him. According to some unconfirmed data, charges of illegally granting loans, embezzlement and misappropriation of customers’ savings can be officially brought against Ziyoyev.
A source close to the investigation says Ziyoyev has already lost part of his shares in a soft drink bottling plant, which located near the Dushanbe cement plant. “They now propose him to give all acquired by fair and unfair means and only after that he will be released,” the source, was wanted to remain unnamed, said.
According to him, Ziyoyev began testifying against persons who have been involved in the bank’s illegal bargains.
Recall, Jamshed Ziyoyev was detained on April 24.
Founded in October 1995 as an all-purpose retail bank, Tajprombank, with headquarters in Dushanbe, has 21 branches, 11 departments and 15 money-transfer offices across the country. The controlling shares of the company were held by Jamshed Ziyoyev.
Assets on Tajprombank’s books include dozens of offices and an unspecified number of residential properties.
Signs the lender was in distress began to emerge in 2015. In the middle of 2016, Ziyoyev was removed as head of the bank, which was placed under crisis administration. In December, the National Bank declared it was refinancing Tajprombank to the tune of 450 million somoni ($56 million) and reappointed Ziyoyev to his old job and ordered him to restore the lender to health. The bailout money was raised through the emission of somoni-denominated sovereign bonds that were converted into liquid cash by the National Bank.
But then two months later, the National Bank performed yet another about-face and decided to shutter Tajprombank, together with another recipient of bailout funds, Fononbank.
Tajprombank reportedly had over the years accumulated a number of high-stakes delinquent debtors.
One such person, Jamshed Abdulov, a businessman involved in the cotton industry, was detained by authorities over unpaid debts, according to EurasiaNet.org. Two companies belonging to him – Cotton Textile and Olim Textile – collectively owed Tajprombank 39 million somoni ($4.4 million). After paying off his liabilities in the form of solid assets, Abdulov was reportedly released on bail.
EurasiaNet.org says sources familiar with the situation have told that companies affiliated to Ziyoyev and his son owed another $13 million to the bank.
Tajprombank reportedly also has liabilities before the state — $13 million with the Finance Ministry and another $15 million with the National Bank. Under Tajik law, the bank is required to settle its debts to the state before it pays out retail customers.
