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Tajikistan: Prosecutors Probe Bailed-Out Banks

Weeks after the government in Tajikistan announced an ambitious bond issue to help finance a bailout for several struggling banks, prosecutors have decided to start investigating the lenders.

The four banks being audited by the General Prosecutor’s Office are Tojiksodirotbank, Agroinvestbank, Tojprombank and state-owned Amonatbank.

Another troubled lender, Fononbank, is being spared the treatment because it was already audited last year over suspicions that it was somehow collaborating with the banned Islamic Renaissance Party of Tajikistan (IRPT).

RFE/RL’s Tajikistan service, Radio Ozodi, reported that checks on the four banks are set to last six months. A representative for the General Prosecutor’s Office, Hotam Nazarzoda, said that the operation was being carried out at the request of the government to establish that the lenders were not being “mismanaged.”

If this explanation sounds unilluminating, it may be by design. Prosecutors have refrained from explaining quite what they mean by “mismanagement” or why this should be a matter for them to investigate.

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Tajikistan: Prosecutors Probe Bailed-Out Banks

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