Kosta Legal has advised Dongnam Uz Motors (‘DUM’), a Hyundai Motors exclusive dealer in Uzbekistan, on the Uzbek trade and customs legislation.
After Hyundai Motors had sold 26 vehicles to a multinational pharmaceutical company for using in Uzbekistan, DUM, being the company’s official distributor, could not import those vehicles into the country, owing to Uzbek customs and forex legislation restrictions. Lawyers of Kosta Legal assisted DUM in resolving the matter by developing and implementing a legal mechanism meeting the needs of all involved parties and complying with Uzbek law. The developed structure was unique and allowed the client not only to import the cars, but also to avoid some additional costs by escaping the ambit of restrictive forex rules on the mandatory sale of proceeds in foreign currency.
The Hyundai Motor Company is a South Korean multinational automotive manufacturer with the annual production capacity of about 1.6 million units. The company employs about 75,000 people worldwide and sells its vehicles in 193 countries.