Tajikistan's Milk-Free Cash Cow Reveals Debt Pile
Tajikistan’s largest industrial concern has for the first time revealed the scale of its debts and the picture is not a pretty one.
The Finance Ministry said this week that at the end of the first quarter TALCO had outstanding debts of 2.5 billion somoni ($318 million) and that the company was itself owed 465 million somoni ($59 million).
TALCO is unofficially the fiefdom President Emomali Rahmon’s brother-in-law and head of Oriyonbank, Hasan Asadullozoda (AKA Sadulloev), so the fate of the company is of great importance to the first family.
Despite production at the aluminum plant being on the increase, the company continues to lose money. The Finance Ministry links the losses to falling prices for the metal on the international market and the rise in cost for inputs.
The ministry and international advisors have recommended root-and-branch restructuring for the company and an overhaul of equipment.
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