The Government of Tajikistan has decided to reduce debts of the Open Joint-Stock Company (OJSC) NBO Roghun by writing off tax, interest and fine debts of companies engaged in construction of the Roghun hydroelectric power plant (HPP).
By government decree issued at the end of June tax, interest and fine debts of twenty-two companies engaged in construction of the Roghun HPP will be written off.
In total, tax arrears of these companies in the amount of more than 3.6 million somoni (equivalent to 380,000 U.S. dollars) will be written off.
As a result of such a settlement, NBO Roghun’s debts to these companies will decrease by this amount.
The Ministry of Finance and OJSC NBO Roghun are ordered to take necessary measures to finance the company’s remaining debts to the companies constructing the Roghun hydropower plant.
The authorized capital of OJSC NBO Roghun reportedly rose 3.56 billion somoni in a year to June 30, 2019, reaching 27.76 billion somoni (equivalent to some 3 billion U.S. dollars).
The annual meeting of OJSC NBO Roghun shareholders that took place in Dushanbe on June 21 made a decision to increase the company’s authorized capital through issuing additional shares. In total, the company plans to issue 35.6 million simple shares of the face value of 100 somoni.
Tajikistan founded OJSC NBO Roghun with an authorized capital of 116 million somoni for completing the construction of the Roghun station in April 2008 after it formally revoked a contract with Russia's RusAl aluminum company for the construction of the Roghun HPP in August 2007. The Tajik government accused the Russian company of failing to fulfill the contract signed in 2004. Tajik authorities and RusAl became bogged down in the hydroelectric plant's dam model and height, crucial factors in its capacity.
To raise funds to complete construction of the Roghun HPP the government started to sell shares in Roghun to people on January 6, 2010. Tajikistan has reportedly issued 6 billion somoni worth of Roghun shares.
22,000 people are reportedly holders of the Certificates of Shares (the face value of one Certificate of Shares is 5,000 somoni) and nearly 2 million people are holders of shares of the face values of 100, 500 and 1,000 somoni.
