RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of March 27, 2014 No. 71

About additional measures for stimulation of investing activities of commercial banks and acceleration of realization by banks of the companies to new investors

According to the Presidential decree of the Republic of Uzbekistan of November 18, 2008 No. UP-4053 "About Measures for Further Increase in Financial Stability of the Companies of Real Production Sector" commercial banks are performed actions for recovery, upgrade and development of activities of the bankrupt companies and realization to their potential investors.

At the same time, numerous exposure in accordance with the established procedure of the recovered companies on auctions and tenders, including by carrying out direct negotiations, for realization to new investors does not give the expected results.

For the purpose of further stimulation of expansion of investing activities of commercial banks, strengthening of their resource base and growth in volumes of financing of the long-term investment projects directed to further upgrade, technical and technological rearmament of industries of economy, and also attracting investors for the subsequent realization of the companies accepted on balances of commercial banks, the Cabinet of Ministers decides:

1. Agree with offers of commercial banks:

about realization of the companies or shares of commercial banks in their authorized funds, and also the property collected by commercial banks according to obligations of debtors, according to the list according to appendix (further - objects), on market value by exposure to auction and carrying out direct negotiations, in case of the announcement of auction cancelled;

about further realization by commercial banks, according to decisions of general shareholder meeting or council of commercial bank, objects using the mechanism of step-by-step decrease in market value for 10 percent, but no more than 50 percent from their market value, according to the procedure, provided in the paragraph the second this Item - in case of the announcement of auction cancelled and lack of interest from investors by results of carrying out direct negotiations;

about implementation of redemption payments on all companies implemented by commercial banks, including textile, to shares in their authorized funds, the property collected according to obligations of debtors, one-timely or by installments without charge of percent on remaining balance of the redemption amount and also without the right of alienation and transfer of object as a deposit (mortgage) to the third parties (except for commercial bank seller) before complete payment of redemption payments.

2. Recommend to general shareholder meetings or councils of commercial banks to make after realization of objects decisions on write-off from balance of negative difference between book value of objects and the received amount of redemption payments, and also requirements of commercial banks.

3. To Central Bank of the Republic of Uzbekistan together with the interested ministries, departments and commercial banks to develop and approve the provision providing realization of objects according to appendix in accordance with the terms of Item 1 of this resolution in a month.

4. To impose control of execution of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan R.S.Azimov.

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of March 27, 2014 No. 71

The list of the companies or shares of commercial banks in their authorized funds, and also the property collected by commercial banks according to obligations of the debtors implemented to new investors

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