The Committee for the Development of Competition and Protection of Consumer Rights has made a decision to impose a financial penalty on Orient Group Management and UzOman companies here.
It is reported that, according to the “Law on Competition”, obtaining the right to dispose of more than one third of the shares of a limited liability company registered in Uzbekistan by persons or a group of persons whose balance sheet value of assets or income from sales of goods for the last calendar year exceeds 250 thousand times or whose total balance sheet value of assets or total income from sales of goods for the last calendar year exceeds 500 thousand times the minimum wage, is subject to prior approval of the antimonopoly authority when it is considered economic concentration.
Nevertheless, it has been revealed that on May 16, Orient Group Management LLC began to own 45 percent of the shares of Highway Logistics Center LLC by increasing its statutory fund without obtaining prior consent from the antimonopoly body.
In connection with the situation, the Committee's special commission initiated proceedings against Orient Group Management LLC and made a decision to impose a financial penalty. Orient Group Management LLC has filed a lawsuit against this decision of the special commission.
In addition, it was found that on July 23, the “Uzbek-Oman Investment Company” (UzOman) LLC without obtaining prior consent from the antimonopoly body, acquired a 45 percent share from the statutory fund of Highway Logistics Center LLC.
As a result, in this case, the Committee's special commission initiated proceedings against the “Uzbek-Oman Investment Company” and made a decision to impose a financial penalty.
