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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of August 26, 2003 No. 368

About additional measures for acceleration of privatization of the state low-profitable, unprofitable, economically insolvent companies and objects

(as amended on 06-07-2020)

For the purpose of acceleration of process of privatization and privatization, realization of the state low-profitable, unprofitable, economically insolvent companies, low-liquid objects and the state assets of the privatized companies to real owners, and also for upgrade and sustainable development of these companies the Cabinet of Ministers of the Republic of Uzbekistan decides attraction of direct investments:

1. Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 06.10.2014 No. 279

2. Provide to State commission on holding tenders in case of sale of state-owned property (Azimov R. S.) powers:

make decisions on approval of lists of the state low-profitable, unprofitable, economically insolvent companies and low-liquid objects which are subject to realization on zero redemption value with condition of adoption of investment obligations by investors;

realize according to requests of foreign investors for creation of the companies with foreign investments the low-liquid objects which are on balance of public authorities on places on zero redemption value, without carrying out tender by the conclusion of direct contracts with the investor under specific investment obligations.

3. Determine that:

realization of the state companies and objects on zero redemption value is performed only on competitive basis to the investors who offered the best investment projects and obligations including also complete repayment of accounts payable of the company except the cases provided in paragraph three of Item 2 of this resolution;

in case of failure to carry out or inadequate accomplishment of contractual commitments by the investor who redeemed the company (object) for zero redemption value, the agreement on realization is terminated in the procedure established by the legislation, at the same time object is subject to repeated realization in accordance with the established procedure;

on low-profitable, unprofitable, economically insolvent companies, the implemented investors for zero redemption value under investment obligations, write-off of bad debt of last years on payments in the Government budget of the Republic of Uzbekistan and the state trust funds, including the penalty fee and penalties added on them is made;

the owner - legal entity or physical person on the state low-profitable, unprofitable, economically insolvent company (its property) acquired on zero redemption value or low-liquid object including the state block of shares (share) of the unprofitable, low-profitable and having the low level of capacity utilization companies in the sphere of the industry and construction with the state share in authorized fund (authorized capital) more than 50 percent is not assessed respectively with the income tax and tax on the income on physical persons.

4. To the State Property Committee of the Republic of Uzbekistan, Broadcasting company of Uzbekistan to organize work on extended coverage in mass media of value of this resolution, and also the course of realization of low-profitable, unprofitable, economically insolvent companies, low-liquid objects on zero redemption value and the state assets of the privatized companies for the price below nominal value under investment obligations to domestic and foreign investors.

5. To impose control over the implementation of this resolution on the Deputy prime minister of the Republic of Uzbekistan Azimov R. S.

Chairman of the Cabinet of Ministers

I. Karimov

Appendix No. 1

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of August 26, 2003 No. 368

Regulations on realization to investors of the state low-profitable, unprofitable, economically insolvent companies and low-liquid objects on zero redemption value with condition of adoption of investment obligations by the investor

Voided according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 06.10.2014 No. 279

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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