Tashkent, Uzbekistan (UzDaily.com) — The Committee for the Development of Competition and Protection of Consumer Rights of Uzbekistan has identified violations of antimonopoly legislation in transactions involving shares in Highway Logistics Center.

According to the press service of the committee, on 16 May, Orient Group Management increased its stake in the company to 45% through a capital increase, but this operation was carried out without obtaining the consent of the antimonopoly regulator.

Furthermore, in July, Uzbek-Oman Investment Company (UzOman) acquired a 45% stake in Highway Logistics Center without coordinating the transaction with the antimonopoly authorities.

A special commission of the Committee reviewed these cases and imposed fines on both companies.

According to Uzbek legislation, increasing a stake in a company to one-third or more requires mandatory approval if the balance sheet value of assets or annual revenue of one of the participants exceeds 250,000 base estimated value (BEVs), which currently amounts to 85 billion soums, or if the total value of assets or annual revenue of the parties exceeds 500,000 BEVs, equivalent to 170 billion soums.