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Firtash to contest Tajik authorities’ decision in international court

17:41 28/04/2014

DUSHANBE, April 28 (RAPSI) – TojikAzot, a nitrogen fertilizer producer controlled by Ukrainian businessman Dmytro Firtash, published a statement on Monday saying that it would go to court, including an international court, to protect its business reputation against unsubstantiated allegations made by Tajik authorities.

In March 2014, Tajikistan’s Agency on State Financial Control and the Fight against Corruption accused Firtash of violating the law when buying TojikAzot shares, of misusing its funds and of selling equipment in an illegal deal. The agency considers the deal to buy 75% of the company illegal and has filed a motion to have the stake returned to the state.

Tajikistan’s only joint venture producing nitrogen fertilizer, TojikAzot, was established in December 2002 but suspended operations in 2008 after Uzbekistan stopped sending gas to Tajikistan. Firtash’s company Ostark Ventures Limited, which holds a 75% stake in TojikAzot, claims it has fully honored its obligations to the joint venture.

Over the past 12 years, Ostark Ventures Limited invested $17 million in the fertilizer manufacturer, which, in turn, transferred over 45 million somoni (over $9 million) to the government of Tajikistan.

However, the Tajik anti-corruption agency claims that Firtash only contributed part of the required funds to the venture’s charter capital and then used the money to buy stakes in two Tajik industrial companies contrary to the law.

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Firtash to contest Tajik authorities’ decision in international court

17:41 28/04/2014 TojikAzot, a nitrogen fertilizer producer controlled by Ukrainian businessman Dmytro Firtash, published a statement on Monday saying that it would go to court, including an international court, to protect its business reputation against unsubstantiated allegations made by Tajik authorities.
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