OCCRP uncovers $200 million shadow network in AMMC procurement tenders

The AMMC, a strategic state-owned enterprise slated for a partial initial public offering (IPO) in late 2025, awarded contracts exceeding $200 million to 10 foreign companies. The findings raise serious questions regarding transparency and the legitimacy of the procurement process at one of Uzbekistan’s largest industrial assets.

"Dormant" British firms winning multi-million dollar contracts

Two UK-registered entities, Lemixton Solutions and Golders Business, secured contracts worth approximately $35.5 million despite officially reporting themselves as "dormant" to British authorities. Under UK law, dormant companies are prohibited from engaging in commercial activities or financial transactions without a valid reason.

• Lemixton Solutions: Since 2022, this firm won at least 56 tenders worth $22.5 million. It has only one employee, no official website, and no physical office in Uzbekistan.
• Golders Business: This company won contracts totaling $13 million and made over 100 deliveries, yet consistently filed financial reports as a non-trading entity.

When OCCRP journalists began inquiring about these firms in December 2025, "urgent and strange" backdated changes appeared in the UK Companies House registry. Initially owned by British nominees, the records were amended to show Grigory Khvan as the person with significant control since 2018. However, by January 2026, the records were changed again to transfer ownership to Felipe Guerrero, a Colombian citizen, also backdated to 2018.

Allegations of forged signatures

The investigation revealed that electronic signatures of MoreGroup employees (a UK accounting firm) appeared on at least 13 AMMC contracts. Wendy Mary Ann Conroy, whose facsimile signature appears on $6.2 million worth of Lemixton contracts, was removed as a controlling person just days before the latest contract was signed.

Furthermore, Ruairi Laughlin-McCann, a former MoreGroup employee, discovered his signature on $1.4 million worth of Golders Business contracts. He told OCCRP he had no involvement with the firm for five years and had "absolutely not signed" the documents. He has since reported the matter to the City of London Police and the UK Serious Fraud Office.

The Georgian connection: "Competitors" or associates?

The investigation tracked the network to Georgia, where two companies, LOSBP and Prof Engineering, won $68.45 million in AMMC orders since 2022. These firms were purchased in February 2025 for a mere $350 by Polina Ostanova, a South Korean medical coordinator with no known experience in the mining industry.

At the time of purchase, these companies had already secured $65.9 million in contracts. Social media analysis indicates personal ties between Ostanova, Felipe Guerrero, and Grigory Khvan, including shared travels in Samarkand. Like their British counterparts, the Georgian firms had been listed as "inactive" for at least two years.

Singaporean entities and Manhattan real estate

Three Singapore-based firms – Polisteel Solutions, Ventopro, and Mek Industrial Technology – secured $102.9 million in AMMC tenders. While officially owned by Sedong Choi, evidence points back to Khvan.

A financial report from a Chinese partner initially identified the controller of Mek Industrial Technology as a director of Colcot Company Ltd (a Bahamas offshore entity), a role held by Khvan. Public records also show that Colcot purchased a $4.4 million apartment in Manhattan in 2024, with the deed signed by Khvan’s son, Aleksey.

When contacted, Aleksey Khvan denied his identity and his relationship with Grigory Khvan. AMMC and the suppliers involved have largely remained silent, leaving questions about the fulfillment of these multi-million dollar contracts unanswered as the company prepares for its international stock market debut.