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PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of April 20, 2017 No. UP-5022

About measures for further expansion of mechanisms of support of economically insolvent companies, and also stimulation of the organization of new production capacities based on real estate objects of commercial banks

For the purpose of creation of additional favorable conditions for the accelerated recovery of activities of the bankrupt companies and the organization of new productions based on the real estate objects accepted in property of commercial banks as a result of the non-return of the loans which are earlier granted by them and also financial improvement of economically insolvent companies:

1. To determine that:

commercial banks have the right to create based on the real estate objects accepted in property of commercial banks as a result of the non-return of the loans which are earlier granted by them, the new companies from shares of commercial bank and its managing companies in their authorized fund to 100 percent inclusive;

since July 1, 2017, the realization of the bankrupt companies to commercial banks is enabled at the competitive biddings, without carrying out biddings among commercial banks.

2. To agree with offers of the Central bank of the Republic of Uzbekistan and commercial banks on implementation by strategic investors of redemption payments on the companies implemented by commercial banks, including the newly created companies based on the real estate objects accepted in property of commercial banks as a result of the non-return of the loans which are earlier granted by them and also to shares in their authorized capital one-timely or by installments, without charge of percent on the remaining balance of the redemption amount, and also without the right of the order before complete payment of redemption payments.

3. To take into consideration that the State committee on assistance to the privatized companies and development of the competition, by the Central bank, Department on execution of judgments, material and financial provision of activity of the courts under the Ministry of Justice of the Republic of Uzbekistan, and also commercial banks carries out inventory count of real estate objects as a result of which are created:

the list of the real estate objects accepted in property of commercial banks as a result of the non-return of the loans which are earlier granted by them based on which implementation of investment projects by commercial banks on the organization of new productions, according to appendix No. 1 is provided;

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