Tashkent, Uzbekistan, July 23
By Demir Azizov- Trend:
The Economic Court of Uzbekistan`s Tashkent region granted the claim of the Uzbek State Committee for Privatization, Demonopolization and Development of Competition to recognize invalid the contract for the sale of "Ahangarancement" JSC (Akhangaran city, Tashkent region) a source in the plant's management told Trend.
"Ahangarancement" JSC was privatized and transformed into an open joint stock company (OJSC) in accordance with the presidential decree, which was signed on August 1994, the source said.
In 2006, Russian "Eurocement Group" holding purchased some 75.5 percent of shares in "Ahangarancement" JSC. At present, the share of "Eurocement Group" in the authorized capital of JSC is 83.92 percent. The other shareholders are individuals.
In last July, the direct owner of the holding - Swiss "Eurocement Holding AG" ( which owns 98 percent of "Eurocement Group") announced its intention to increase its share in the authorized capital of the enterprise up to 100 percent.
The source said that the company learned about Tashkent Regional Economic Court`s admission of the claim of the State Committee on Privatization, De-monopolization and Development of Competition on the rejection of decree on privatization of "Ahangarancement" JSC, on July 17.
"The hearings was held on July 18, and a decision was made on July 21 morning," the representative of the plant said.
As the "Ahangarancement" JSC, "Uzstroymateriali" Joint Stock Company, Justice Department of Tashkent region, municipality of Akhangaran region, Center for coordination and control of securities market which attended the court as defendants also found the claim unfounded, but the court did not consider their position.
"Eurocement Group" holding intends to appeal the decision of the Tashkent Regional Economic Court, according to the plant's representative.
"We hope for a reversal of the decision. All the more so, in 2012, Uzbekistan adopted a law providing for the inadmissibility of the review and cancellation of the privatization of property," he said.
In accordance with the Article 24 of the Law "On protection of private property and guarantees the rights of owners of Uzbekistan", "private property, which arose in the process of privatization of state property is inviolable. The results of the privatization are not subject to revision and cancellation. It is not permitted to generate questions for the review and cancellation of the results of privatization of state-owned, including regulatory and law enforcement agencies."
At present, the company continues to manufacture products as the court allowed "Ahangarancement" JSC temporarily to provide limited payments.
As reported earlier, in March, 2014 complex unscheduled inspection of financial and economic activity of "Ahangarancement" JSC has started which was due to the criminal charges against several employees. However, the inspectors did not find large violations in the activity of the plant.
Ahangarancement JSC is the second cement producer in Uzbekistan. In 2013, Ahangarancement increased cement production by 6 percent compared with 2012 - up to 1.62 million tons.
At the present time, some six cement plants with a total installed capacity of more than seven million tonnes operate in Uzbekistan
Edited by CN