The government of Uzbekistan is planning to sell non-liquid assets of the corporate group comprising Enter Engineering, Eriell Group, and Sanoat Energetika Guruhi (Saneg) to settle debts owed to employees, the budget, and banks. This follows a Cabinet of Ministers resolution dated January 22, whose informational note circulated on social media and was confirmed by government sources. According to the document, the group's wage arrears for 38,700 employees amount to $131 million, highlighting a significant corporate debt issue in the country.

For financial stabilization, a working group was established under the leadership of Shuhrat Vafoyev, Executive Director of the Uzbekistan Recovery and Development Fund. It is tasked with preparing the assets for sale and directing the proceeds to settle debts, primarily wage arrears. The list of assets to be sold includes various projects, with proposals also being prepared for new investors to complete strategic initiatives.

The resolution extends the deferral period for tax and customs payments for the group's affiliated companies until January 1, 2027, but this benefit only takes effect after full settlement of employee debts. Additionally, a special legal regime is being implemented, prohibiting the companies from selling, transferring assets, or imposing encumbrances on them without agreement with third parties.

To facilitate the asset realization, a new subsidiary, Saneg Aktiv, has been established in cooperation with the State Assets Management Agency. Funds from the asset sales will be deposited into a special account at the National Bank of Uzbekistan and directed towards debt settlement. The transfer of property to the new company exempts it from taxes and mandatory payments, and if sale via the E-Auction platform is not possible, the starting price will be reduced by 5% weekly, but not exceeding 20% in total.

Saneg's press service stated that the registration of Saneg Aktiv does not imply any transfer of assets, change in ownership structure, or decision on nationalization. The company announced it continues operations normally within the existing legal framework. However, according to messages circulating among employees, a stake in the operator of the largest gas storage facility, Gazli, may also be sold, indicating further financial strains. The Ministry for Poverty Reduction and Employment reported the recovery of wage arrears for over 12,700 employees at Enter Engineering facilities, but workers continue to report regular payment delays, with photos and videos of protests circulating online.

Source: www.gazeta.uz