Financial pressures and controversies emerge across businesses linked to Bakhtiyor Fozilov

Development of the field resumed in 2017 following a contract signed in Moscow. The project includes construction of a gas processing plant and a gas-chemical complex.

In addition to the Uzbek government, the project involves companies linked to Russian investor Andrey Filatov and Bakhtiyor Fozilov. Contracting work was assigned to Eriell and Enter Engineering.

However, neither the companies nor the Hong Kong-registered project operator have publicly commented on the technological accident.

Bukhara tourism project stalls

Two years ago, construction began on a major tourism center in the historic city of Bukhara. The project covers 33 hectares in the city center and required the demolition of several large facilities, including a stadium and buildings belonging to the regional administration.

The project, valued at $470 million, was expected to be financed by private investors. Demolition work carried out by Enter Engineering began in early 2024 but later stopped.

Some sources have linked the suspension of construction to financial difficulties faced by the selected investor.

During the same period, court proceedings reportedly took place in Tashkent between state organizations and Enter Engineering over debts for electricity and water services. Complaints about unpaid salaries at the company also appeared several times.

Financial difficulties in hockey club

Fozilov has also been involved in sports management. In 2018, he was elected head of the Uzbekistan Hockey Federation.

However, the professional hockey club Humo Tashkent has recently faced financial problems.

Belarusian forward Danila Karaban said in an interview that players did not receive salaries between January and April 2025. According to him, two months of wages were paid only after a letter requesting intervention was sent to the country’s president.

Several key players left the club last spring. In summer 2025, it was confirmed that Humo would not participate in the 2025-2026 season of the Kazakhstan Open Championship, reportedly due to financial constraints.

Questions around refinery and chemical plant assets

Companies connected to Fozilov are also involved in the energy sector through Saneg.

Four years ago, Saneg acquired the Fergana Oil Refinery for $100 million. Later it emerged that the payment was arranged in installments.

In August 2025, workers at the refinery also complained that they had not received wages for two months.

As of February 26, 2026, 58.5 percent of the refinery still belongs to the State Assets Management Agency, while 41.5 percent is owned by Saneg, meaning the full transfer of ownership has not yet been completed.

Meanwhile, Saneg sold part of the refinery’s assets for $140 million.

Separately, a 25 percent stake in the chemical plant Samarkandkimyo, previously privatized with investment obligations by the company Ferkensco, was returned to state ownership at the end of 2025.

Issues across several Samarkand-based projects

In January this year, the National Bank for Foreign Economic Activity of Uzbekistan invited companies with experience in hospitality management to participate in a long-term partnership to operate the Silk Road Samarkand tourism complex.

Fozilov is listed among the founders of the project launched in 2022. He owns a 20.7 percent stake in the project developer, while the National Bank holds 79.3 percent.

Separately, a foreign professor at the Samarkand International Technology University told Kun.uz in late 2024 that salary payments had been delayed.

In autumn 2025, reports also emerged that nearly 50 Russian employees of the airline Air Samarkand had not received salaries for three months. The airline later stated that it had encountered financial challenges due to unexpected expenses.

Fozilov holds a 51 percent stake in the airline’s parent company, while businessman Bahodir Gofurov owns the remaining 49 percent. Fozilov is also affiliated with Air Marakanda, which manages Samarkand International Airport under a trust management agreement.

Bank license revoked

Another development involves the financial sector. On January 15, the board of the Central Bank of Uzbekistan revoked the license of Yangi Bank.

According to the regulator, the bank failed to meet the required minimum charter capital and did not comply with several other legal requirements. As a result, the bank is currently undergoing liquidation.

The bank’s founder, Yangi Group, is owned by Singapore-registered Yangi Holding. Timofey Smirnov, who headed Yangi Bank and Yangi Group, is also listed as head of a company within the Saneg structure.

Who is Bakhtiyor Fozilov?

Bakhtiyor Fozilov was born in 1975 in Samarkand and graduated from Tashkent State University of Economics.

He reportedly began his career in import-export businesses focused on leather goods and food products before entering the oil and gas sector in 2000.

Fozilov founded Eriell in 2004, while Enter Engineering was established in 2012. The latter previously operated under the control of Gazprombank and provides engineering, procurement, construction, and commissioning services for oil, gas, industrial, and civil infrastructure projects.

According to information presented by the state energy company Uzbekneftegaz in early 2023, companies linked to Fozilov were expected to participate in nine projects in Uzbekistan with a combined value of $17.6 billion.

Enter Engineering has also been selected as a subcontractor for the planned nuclear power plant project in Jizzakh region.

Meanwhile, Saneg reportedly accounts for around 80 percent of Uzbekistan’s oil production through its control of 103 oil and gas fields. The structure is owned by Belvor Holding, registered in Hong Kong in 2022 and reportedly linked to Fozilov.

Fozilov is also considered the main beneficiary of Gazli Gas Storage, which manages the country’s largest underground gas storage facility.