Senior representatives of the Agency for State Financial Control and Combating Corruption told reporters in Dushanbe on July 30 that they are investigating misappropriation of 310 million somoni in Agroinvestbonk.
According to them, these funds have been provided in a number of loans to legal and physical entities but they have not been repaid so far.
Criminal proceedings have reportedly been instituted against several senior officials of Agroinvestbonk and a number of legal and physical entities under the provisions of Article 246 of Tajikistan’s Penal Code – embezzlement of loans.
Agroinvestbonk has been experiencing financial problems since the beginning of 2016, and therefore cannot fully meet its obligations to customers. In 2017, the government provided financial assistance to this bank. Agroinvestbonk reportedly received 1 billion 70 million somoni.
State support is granted for a five-year term at 2% per annum. In 2018, the bank had to return 5% of these funds, this year – 20%, and in subsequent years – 25% each.
Founded in 1992, Agroinvestbonk, with headquarters in Dushanbe, is now 87.3 percent government-owned as a result of the bailout program. It has main branches in Khorog, Khujand, Kulob and Bokhtar and more than 60 other branches across the republic. In 2012, the government made a decision on recapitalization of Agroinvestbonk and injected 700 million somoni in the bank. 200 million somoni went to replenishing the bank authorized capital stock and 500 million somoni were assigned for the swap.
According to data released by the government, the list of Agroinvestbonk’s assets includes more than 730 objects located in different regions of the country. Among them are the main office of the bank, 60 buildings of its branches, 5 service centers. Also, this bank owns recreation areas in the Varzob gorge, various small production facilities, farms, warehouses, gas stations and car services, shopping centers. The list also includes shops, pharmacies, cafes, consumer services centers, numerous apartments and residential buildings.
