KHUJAND, September 26, 2008, Asia-Plus  -- Chinese entrepreneurs, having contributed to the authorized fund of the Tajik-Chinese joint venture, China-Tajik Metallic, in the Tajik northern city of Qairoqqum have been withdrawn from the board of founders of the company, deputy mayor of Qaoroqqum, Khudoinazar Yuldoshev, said in an interview with Asia-Plus. 

The enterprise was engaged in re-melting scrap metal.  

            According to Yuldoshev, disputes arose between the parties on performance of the agreement and they were considered in the Sughd regional economic court.  After that, Chinese entrepreneurs were withdrawn from the founders’ board and the enterprise changed its status and it will be named the limited liability company Metalhoi Qairoqqum (Qairoqqum Metals), the deputy mayor said.

The director general of the newly established enterprise, Akmal Ibrohimov, told Asia-Plus that the liquidated enterprise was founded in 2004. 

Initially, China’s energy company Yui Nan (phonetically spelled) was supposed to assume the 52 ownership interest in the joint venture and the Khujand limited liability company MMK, engaged in producing soft drinks, was supposed to own 48 percent of shares, Ibrohimov said.  However, the Chinese side failed to fulfill its promise and paid only 48 percent of the authorized fund and MMK paid a 52 %  stake in the authorized fund determined at US$1 million.  Besides, the Tajik side charged the Chinese entrepreneurs with inaction.

Ibrohimov noted that the procedure of re-registration of the enterprise is nearing completion.  It is planned that it will be leased to a Chinese company operating in the south of the country.  Negotiations are under way.  “If we reach an agreement, the enterprise will produce fittings from the scrap metal,” the director general said.