Some of the most notable legal developments in Uzbekistan in August 2023 were measures to simplify some procedures related to the operation and liquidation of business entities, the adoption of the Law “On the Safety of Hydrotechnical Facilities” in the new edition, and the transfer of state shares in 31 large state-owned enterprises, including 9 state-owned banks, to the Ministry of Economy and Finance.
The Cabinet of Ministers has adopted Resolutions aimed at simplifying a number of procedures related to the operation and liquidation of business entities. The following is, among other things, envisaged by the Resolutions (subject to further amendment of relevant Laws):
On 30 August 2023, a new edition of the Law “On the Safety of Hydrotechnical Facilities” was adopted. The new edition will come into force on 1 December 2023 and, among other things, provides for the following novelties:
The President has signed a Resolution on the transfer of state shares in 9 large state-owned banks and 22 large state-owned enterprises (as per the Annex to Presidential Resolution No. PP-83 of 1 March 2023) from the Agency for Strategic Reforms under the President to the Ministry of Economy and Finance, which will manage them through JSC “UzAssets” and will control their transformation (envisaging improvement of corporate governance, partial privatization, etc.). The Agency, in turn, received these shares in March 2023.
The Ministry of Economy of Finance will also manage those shares in these enterprises that belong to the State Fund for Reconstruction and Development.
Presidential Resolution No. PP-283 of 18 August 2023
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Kosta Legal Law Firm