Closed Joint-Stock Company (CJSC) Faroz reports the sale of property, the dismissal of workers, and the fulfillment of obligations.

The document, Faroz holding company has provided to Asia-Plus, in particular, says that the company has lost competitiveness on Tajikistan’s fuel market.

According to the document, another reason for liquidation of the company is the unprofitableness of maintenance of the company’s objects.  

“The Company has made contribution to construction and rehabilitation of a number of socially significant facilities.  Due to increase in costs of maintaining, preserving, serving and ensuring their activities, the Company has suffered financial damage and it has difficulty in keeping them in the future,” says the document.  

The company does not specify which facilities have become unprofitable.

The company’s official press release says all its property will be put on auction.  The list of properties will be available on the company’s website – www.faroz.tj.  

Recall, Faroz holding company stated at the end of the last week that it has decided to go into voluntary liquidation.

The company has filed an application on voluntary liquidation with the Tax Committee to state that it and all its subsidiaries are to be wound down.

Meanwhile, the Prague-based news website Akhbor said it had obtained a copy of the letter that this says that only the company’s fuel import business is being liquidated.

“Tajik companies are buying fuel directly from the producers, cutting out the middlemen.  Also, prices for fuel have gone up, so the company has lost competitiveness on the local fuel market,” says the letter.  

Founded in 2008, CJSC Faroz is a highly diversified company having interests in various areas, including pharmaceuticals, banking and fuel distribution.  Headquartered in Dushanbe, the company has branches in all large cities and districts of Tajikistan and outside it.   

According to Eurasianet, tax registry data shows that there are around 60 different entities registered within the Faroz holding company.  These include banking interests, a chain of filling stations, medical services laboratories, mineral extraction companies, several bazaars in Dushanbe, the Cambridge Academy, an elite private school that opened last September, and the Safed-Dara skiing complex.

The latest addition to the Faroz business empire is a giant waterpark in Dushanbe, which opened its doors on August 30.  The builders of the waterpark, which was developed jointly with Turkish company Polin Waterparks, say it is the largest of its kind anywhere in the region.