The Supreme Court of Uzbekistan has excluded two Cyprus offshore companies – Metalloinvest Holding (Cyprus) Limited (41.87%) and Miramonte Investments Limited (8.23%) – from the list of the Tashkent Iron and Steel Works founders.
Both of them belong to the Russian oligarch Alisher Usmanov and had a controlling stake between them.
The Fund of Reconstruction and Development of Uzbekistan, which owned 49.9% in the works, applied to the court.
Usmanov’s representatives declined to participate in the case and the company’s fate.
The works, investments into which amounted to EUR 334.5 million, was built by Russian Metprom in 2017. Now the works has a loss of 916.8 billion soums and a loan of EUR 179.7 million. (Ukrainian metal)