DUSHANBE, April 20, 2011, Asia-Plus  -- In a report released at a news conference in Dushanbe, the High Economic Court head Amirkhoja Ghoibnazarov revealed on April 19 that two companies have been declared bankrupt in Tajikistan over the first three months of this year.

According to him, the court has considered three bankruptcy applications over the report and applications by open joint-stock company (OJSC) Baikal and the Roghun-based unitary construction organization for bankruptcy have been satisfied.  “The third bankruptcy application is still under consideration,” Ghoibnazarov noted.

Over the same three-month period, Tajikistan’s High Economic Court has also considered a complaint filed by Russian company, Druzhba, he added.

“Druzhba filed the lawsuit in Khatlon’s Economic Court, asking to exact its funds in an amount of 1.8 million U.S. dollars from the Khatlon authorities.  The court handed down ruling under which the Khatlon authorities should return the funds to the Russian company.  But the Khatlon authorities appealed against the Khatlon Economic Court’s decision and it was overturned,” Ghoibnazarov said.

In 2010, by Tajik High Economic Court’s decision eleven local companies were declared bankrupt due to financial and tax problems.