Banks of Uzbekistan and the Tashkent Mechanical Plant opposed the initiative of Kyrgyzstan to transfer resorts at Issyk-Kul lake into private hands. Podrobno.uz. media outlet reports.
In early February, the State Property Management Fund announced that it planned to transfer three resorts that Uzbekistan previously owned into private hands. It was noted that they would be given to private entrepreneurs, but for management only. They will remain the state property. This initiative was explained by the dilapidated state of the objects and the fact that they need to be developed.
However, the Uzbek side opposed the initiative. The neighbors recalled that the National Bank for Foreign Economic Affairs of Uzbekistan owned and operated Rokhat-NBU resort, Asaka bank — Dilorom resort, Uzpromstroybank — Buston resort, and the Tashkent Mechanical Plant — Zolotiye Peski resort.
«It is noteworthy that in April 2016 these resorts have been illegally expropriated by Kyrgyzstan,» the joint statement of the companies says.
The companies said they strongly objected to the sale of the resorts, especially given that the arbitration proceedings on their expropriation had not yet been completed. The proceedings have been going on since July 2016 in accordance with the Additional Rules of the International Center for Settlement of Investment Disputes. The Uzbek companies are preparing for consideration of the claim on the merits. They note that they will adhere to their positions on the illegal expropriation of investments in the resorts and will use all legal remedies in this case.
