Timely measures of National bank of Tajikistan on risks growth prevention and protection of investors and creditors interests

Global financial crisis and its factors have influenced on a national economy, particularly on liquidity of the credit organisations, tendency of performance of obligations of these organisations before investors and creditors, progress of execution of requirements set force in the National Bank of Tajikistan’s regulations by the credit organisations.

Accordingly, with the view of increased risks prevention, taking into account of investors and creditors interests, and also maintenance of execution of their obligations, National bank of Tajikistan has adopted timely measures and according to the legislation licenses of CJSC TJSC IBRR “Tajprombank” and OJSC “Fononbonk” have been revoked. Concerning liquidation of the given banks, the National bank of Tajikistan has submitted an application at court.

The Economic court of Dushanbe the decision on start-up process of liquidation of CJSC TJSC IBRR “Tajprombank” and OJSC “Fononbonk” and appointment of special administrator is accepted.

The court-appointed special administrators in conformity with the Law of the Republic of Tajikistan “On liquidation of the lending institutions” will carry out their activity for meeting of requirements of investors and creditors at the expense of assets and all property of these banks, including returning of credits and their pledges.

Each physical investor’s demand will be freely compensated in the amount of TJS 17 500 from Individual Savings Insurance Fund, other funds of investors will be returned at the expense of sale of assets and property of the specified banks.

It is necessary to note that investors demands owing to them priority will be satisfied before payment of tax payments and repayment of other requirements of creditors.

Also it is necessary to underline, that term of repayment of all promissory notes of banks comes effective immediately upon the beginning of their liquidation, and calculation fine fines and interests on promissory notes of the given banks will be stopped.