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    Ukraine sanctions state-owned Foton company in Uzbekistan

    Ukraine sanctions state-owned Foton company in Uzbekistan

    The National Security and Defense Council of Ukraine has imposed sanctions against the Uzbekistan-based Foton company. This decision, signed into effect by Ukrainian President Vladimir Zelensky on December 7, comes following the recommendation of the Security Service of Ukraine.

    Source: Yandex.Maps

    The sanctions target 181 individuals and 185 legal entities, including the Foton electronics plant and its director, Marifkhoja Saidumarov, born in 1956. The restrictions encompass freezing assets of the sanctioned persons, blocking trade and transit operations, and halting transactions with securities. These sanctions are set to endure for a period of 10 years.

    This move follows the Agency for State Asset Management's acceptance of applications for the privatization of the state share in Foton in July. During this process, a substantial 85.6% stake in the electronics manufacturer was made available for sale.

    Established in 1941, the Foton plant has undergone transformations, becoming a joint-stock company in 1995 and is currently a part of the Uzeltehsanoat holding. The company specializes in the production of microcircuits for electronic equipment, electrical products, cash registers, and Panda TVs. Presently, Foton employs 296 individuals, and its authorized capital stands at 1.08 billion soums ($87,555).

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    07.12.2023, 22:33   Comments (0)   2506
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