Korean Investors No-Show at JV Shareholders Meet Angers Tajikis

Tag : rayon yarns

 The shareholders generalmeeting was supposed to hear report of thejoint venture director general on financial and economic activitiesof the enterprise in 2007, as well as consider financial statementsfor 2007 and the plan for financial rehabilitation of theenterprises. Shareholders were also going to discuss the issue ofassessment of the enterprises losses for 2007 and hear report ofthe audit commission, elect new members of the board of directors,new director general and the audit commission. It is also plannedto make changes and addenda to the enterprises charter inconnection with amendments to the law on joint-stock companies.

Mr. Qahhorov noted, We now have the right to convene the meeting ofshareholders in the near future again to solve the present-dayproblems because the 44 per cent ownership interest allows us to dothat.

In the meantime, the source at the light industry department withinthe Ministry of Energy and Industries (MoEI) said that shareholdershave to convene another meeting of shareholders in 20 days and ifthe Kabool LTD representatives ignore the meeting again, the SughdRegional Economic Court may hand down injunction on transferringthe management of OSJC.

Abreshim. Kabool-Tajik Textiles, which has a staff of more than1,000 people, has not been in operation since March 19, 2008. Informer times, the enterprise had accounted for 24 per cent of thevolume of industrial goods produced in northern Tajikistan, whileat present the joint venture owes more than $78 million to itscreditors.

According to the Khujand mayors office, Kabool-Tajik Textiles nowowes $US1.8 million to the Sughd farmers alone. Kabool LTDmanufactures man-made fiber fabrics and yarns.

The company's products include cotton, rayon, polyester, nylon,mixed fabrics, and blended fabrics. It focuses on the research anddevelopment of value-added fabrics, such as soybean and bamboofibers. Kabool was founded in 1958 and is based in Taegu, SouthKorea.