Control of Bekabadcement transferred, Uzbekistan

Control of Bekabadcement transferred, Uzbekistan

Control over producer Bekabadcement has been transferred from industrial holding United Cement Group (UCG) to the Uzbek State Committee for State Property Management, a regional media report.

"The Supervisory Board of Bekabadcement has decided to include in the register of shareholders of Uzbekistan State Property Committee, which holds 51.53 per cent stake," the report said.

The reason for this decision was the ruling of Tashkent Province Court for Criminal Cases.

In January 2012, the court sentenced a number of Bekabadcement heads to terms of imprisonment for financial and tax violations. Due to the significant damage to the state, shares of Bekabadcement owned by UCG, according to the court, have been transferred to the State Property Committee, a source in Uzbek Building Materials JSC which includes Bekabadcement, told Trend News Agency (Azerbaijan) on Thursday.