ORDER OF THE GOVERNMENT OF THE REPUBLIC OF TAJIKISTAN

of October 21, 1997 No. 467

About creation of financial and industrial groups in the Republic of Tajikistan

For the purpose of ensuring structural adjustment of economy, acceleration of scientific and technical progress, increase in the export potential and business competitiveness of the republic, controllability with the national economy, and also carrying out active policy in development of industrial production in the conditions of the accelerated privatization. The government of the Republic of Tajikistan decides:

1. Approve the enclosed Regulations on financial and industrial groups and procedure for their creation.

2. Determine that the projects of creation of financial and industrial groups represented to the Government of the Republic of Tajikistan are subject to the preliminary expert examination performed by the Ministry of Economics and external commercial relations of the Republic of Tajikistan, the Ministry of Finance of the Republic of Tajikistan, the State management committee state-owned property, the Ministry of Justice of the Republic of Tajikistan together with the interested ministries and departments, executive bodies on places (Hukumatami) in which territories the companies are located.

3. To the Ministry of Finance of the Republic of Tajikistan together with the State committee of the Republic of Tajikistan on management of state-owned property, the Ministry of Economics and external commercial relations of the Republic of Tajikistan and with the interested ministries and departments, state bodies the industry of the republic in 2-month time to make in the Government of the Republic of Tajikistan offers on the mechanism of converting of debt of the companies during creation of financial and industrial groups within intergovernmental agreements with foreign states.

4. To the Ministry of Finance of the Republic of Tajikistan to develop and approve procedure for maintaining the Register of financial and industrial groups of the Republic of Tajikistan.

Approved by the Order of the Government of the Republic of Tajikistan of October 21, 1997 No. 467

Regulations on financial and industrial groups and procedure for their creation

1. Financial and industrial group the group of companies registered according to this Provision, organizations, the organizations, financial credit institutes and investment funds which are created on the basis of consolidation of the capitals of her participants according to the legislation of the Republic of Tajikistan for the purpose of maintaining productive and investing activities, establishment and development of the technological and cooperation communications, generation of profit, development and program implementation and projects connected with social and economic development of the country is recognized.

2. The financial and industrial group is created for the purpose of consolidation of material and financial resources of her participants for increase in competitiveness and production efficiency, creation of rational technological and cooperation communications, increase in the export potential of the republic, acceleration of scientific and technical progress, conversion of the turnover companies and investment attraction.

3. The state supports forming of the financial and industrial groups formed with observance of the antitrust law of the Republic of Tajikistan in the spheres determining scientific, production, turnover and export capacities of the Republic of Tajikistan.

Measures of the state support of FPG can combine both the permanent, and temporary privileges considering specifics of specific investments of projects and programs.

4. The companies of any form of business, irrespective of property type, and also financial and credit and other organizations, the organizations, including foreign can be participants of financial and industrial groups.

5. Financial and industrial groups are created:

- her participants in voluntary procedure or by consolidation by one participant of group of the blocks of shares of other participants acquired by it;

- according to the decision of the Government of the Republic of Tajikistan;

- on the basis of intergovernmental agreements.

Forming of financial and industrial groups in voluntary procedure or according to the procedure of consolidation of blocks of shares is made in the way:

- organizations participants of group of public joint stock company according to the procedure, stipulated by the legislation Republic of Tajikistan;

- transfers by participants of group of the blocks of shares which are in their property entering into group of companies, the organizations and financial credit institutes in operational management to one of participants of group (head enterprise of group or its managing company);

- acquisitions by one of participants of group of blocks of shares of other companies, organizations and financial credit institutes becoming by participants of group.

6. The size of blocks of shares, transfer to operational management or acquisition of which according to this Item leads to forming financial promyshchlennykh groups, is determined by the Government of the Republic of Tajikistan according to the legislation of the Republic of Tajikistan.

7. When forming financial and industrial groups according to Item 6 of this provision it is not allowed:

- share transfer in operational management to the company or share acquisition by the company in which authorized capital the share of state-owned property, and also property of associations, charity and other public foundations and their companies exceeds 25 percent;

- voluntary consolidation by participants of financial and industrial group of the capital if the share in it of state-owned property exceeds 25 percent;

- crossholding by shares by participants of financial and industrial group;

- ownership of the financial institution entering into group or investment fund in more than 10 percent of shares of any company - the participant of financial and industrial group, and also investment in the share of the companies of this group more than 10 percent of assets of the specified organizations.

8. When forming financial and industrial group according to Item 6 of this provision also external commercial relations of the Republic of Tajikistan, the State committee of the Republic of Tajikistan on management of state-owned property, the Ministry of Finance of the Republic of Tajikistan interested in the ministries and departments and also with heads of executive bodies on places are not allowed without preliminary coordination with the Ministry of Economics (Hukumatov) in which territories the participating companies of financial and industrial groups are located:

- entry into the list of members of financial and industrial groups of companies with number of the occupied more than 3000 people, and also the companies holding dominant position in the republican or local goods markets;

- creation of financial and industrial group with the number of the companies among her participants over five total number more than 10000 people occupied at all companies of group;

- acquisition by financial and industrial group of shares of the participating companies of other financial and industrial groups.

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