Management of the JSC “Uzbekkumir” is transferred to a private company  

A governmental decree was adopted on measures to improve the efficiency of the management of the JSC “Uzbekkumir”. This is reported by the “Legal Information” telegram channel.
 
According to the resolution: 

- “ProgressGorTekh” (Russian Federation) will be attracted as a trustworthy manager of a series of shares of the authorized capital of JSC “Uzbekkumir” (in the amount of 45%), which is currently under the management of the JSC “Uzbekiston Temir Yullari” (Uzbekistan Railways); 
 
- during the period of trustworthy management, the JSC “Uzbekkumir” preserves a form of organizational-legal joint-stock company. 
 
It should be recalled that earlier, the draft resolution of the Cabinet of Ministers “On measures to improve the effectiveness of the “Uzbekkumir” joint-stock company” was posted on the portal of discussions of normative-legislative acts. 
 
It states that: 
 
- the trustworthy manager has the right to attract foreign specialists for management of the JSC “Uzbekkumir”; 

- the trustworthy manager’s remuneration is clearly defined, it is paid at the expense of the JSC “Uzbekkumir”. In addition, if a reliable manager’s own funds or capitals of foreign creditors are used for the execution of the approved business plan based on the calculations of these funds and an independent auditor’s opinion, then it is covered on the net income of “Uzbekkumir”. 
 
Within two months, the JSC “Uzbekiston Temir Yullari” will negotiate with the trusted manager and conclude a contract for the provision of reliable management for a period of 3 years with a 45% of shares in the authorized capital of the JSC “Uzbekkumir”. In case, the JSC “Uzbekkumir” is presented a promising business plan, terms of the contract can be prolonged. 
 
The agreement envisages: 
 
- restricting powers and responsibilities of the JSC “Uzbekiston Temir Yullari” and trustworthy manager; 

- changing the structure of organizational and executive body at the suggestion of a trusted manager; 

- reserving the right to form a technical and productive policy of the JSC “Uzbekkumir”, identifying a prospective development plan for open mining operations, as well as trusted management’s proposal for the investment development strategy and procurement process. 
 
By February 1, 2019, “Uzbekiston Temir Yullari” will propose optimizing the terms of repayment of loans and interest from commercial banks of the Republic of Uzbekistan in years 2013-2016 based on the recommendations of the trusted management. 
 
According to Kartoteka.ru and Unified State Register of Legal Entities, “ProgressGorTex” was founded on October 15, 2018 by Nikolai Gennadyevich Emelyanov.