RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of August 5, 2016 No. 252

About condition of accomplishment of the resolution of the President of the Republic of Uzbekistan of December 21, 2015 No. PP-2454 "About additional measures for involvement of foreign investors in joint-stock companies"

Note that as a result of implementation of measures for attraction in joint-stock companies of strategic foreign investors, to ensuring their active participation in upgrade and technological updating of production, development of release of competitive products and its promotion in the foreign markets, and also implementation at the companies of modern corporate management methods the number of joint-stock companies from shares of the state in comparison with 2015 was reduced in time 1,7.

Ceased to be valid according to the Resolution of the President of the Republic of Uzbekistan of 23.01.2017 No. PP-2737

At the same time, in 17 joint-stock companies, perspective for attraction of foreign investments, as a result of failure to act of their heads and the inefficient organization of management the established network schedules of involvement of foreign investors were broken.

For the purpose of ensuring unconditional fulfillment of requirements of the resolution of the President of the Republic of Uzbekistan of December 21, 2015 No. PP-2454 "About additional measures for involvement of foreign investors in joint-stock companies", and also further reducing the state assets and shares in the authorized capital of the Cabinet of Ministers joint-stock companies decides:

1. Take into consideration that following the results of critical consideration in the Cabinet of Ministers of the course of implementation of the made decisions on involvement of foreign investors in joint-stock companies:

heads of the joint-stock companies which irresponsibly treated accomplishment of the established network schedules of involvement of the foreign investors and not capable to work according to modern requirements - JSC Gidromakhsuskurilish are exempted from posts (Radzhabov A. S.), JSC Samarkandsky vinkombinat im. Hovrenko (Nematov M.), JSC Tashkent Plant of Agricultural Machinery (Ishmetov B. B.), JSC Agregat zavodi (Rakhimov R. R.), JSC Uzneftegazmash (Yunusov F. F.), JSC Namangan ulgurzhi savdo (Abbosov T. K.), JSC Chimbay may (Nurimbetov D.) and JSC Uzneftgaz Kurilish Investment (Alimov A. A.);

measures of authority punishment are applied to heads of 9 joint-stock companies and their higher departments which did not ensure effective functioning with foreign investors and they are strictly warned about the personal responsibility for unconditional execution of the made decisions on attraction of foreign investments;

on every 17th joint-stock company the complex of additional measures and new network schedules providing introduction of specific proposals from foreign investors on their entry into number of shareholders are developed.

2. Agree with offers of the State committee of the Republic of Uzbekistan on privatization, demonopolization and development of the competition, the Ministry of Economics, the Ministry of Finance of the Republic of Uzbekistan, bodies of economic board and governing bodies of joint-stock companies:

about establishment of final term, till October 1, 2017, involvement of foreign investors in joint-stock companies according to appendix No. 1;

about attraction till December 31, 2017 - foreign investors in joint-stock companies according to appendix No. 2;

about participation of foreign investors in creation of 15 joint businesses based on production capacities of joint-stock companies according to appendix No. 3;

about realization on competitive basis in private property on "zero" redemption value, with adoption by investors of investment obligations, blocks of shares of joint-stock companies and the state assets according to appendix No. 4.

3. Determine that:

in case of not attraction in the terms of the foreign investors in joint-stock companies included in appendices No. 1 and 2 to this resolution specified in Item 2 they are subject to transformation to other forms of business;

severe measures of authority punishment will be applied to the heads of the joint-stock companies specified in appendices No. 1 and 2 to this resolution, who did not provide involvement of foreign investors at the scheduled time, up to release from post.

4. To agency on management of the state assets of the Republic of Uzbekistan on systematic basis to perform monitoring of work of bodies of the public and economic board on attraction in joint-stock companies of foreign investors and to introduce reports on results of monitoring in the Cabinet of Ministers.

5. To heads of complexes of the Cabinet of Ministers, ministries, departments, economic associations:

ensure system functioning and establish strict control of timely involvement of the foreign investors in subordinated joint-stock companies specified in appendices No. 1 - 4 to this resolution;

to ezhedekadno hear reports of heads of bodies of economic board and joint-stock companies on the work done by them and efficiency of the taken measures, to apply immediate measures on unconditional accomplishment of fixed terms of involvement of foreign investors in joint-stock companies.

6. Make changes and additions to some decisions of the Government of the Republic of Uzbekistan according to appendix No. 6.

7. To impose control of execution of this resolution on the Prime Minister of the Republic of Uzbekistan Sh. M. Mirziyoev.

Appendix №1

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of August 5, 2016 No. 252

The list of joint-stock companies in which foreign investors are attracted till October 1, 2017

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