Grosvenor Law, acting on behalf of the National Bank of Uzbekistan (“NBU”), today confirms that formal enforcement proceedings are being initiated in England to recover more than 21 billion UZS (approximately GBP 1.32 million) awarded to NBU under two judgments obtained against Solfy CA in the Republic of Uzbekistan.

The judgments, which concern a failure by the defendant to fulfil financial obligations under a commercial contract, can be enforced in England. NBU has a clear and established legal position following unsuccessful appeals of the judgments by the defendant, and it fully intends to exercise all available remedies under English law to secure recovery of the awarded sums. Grosvenor Law has been formally instructed to commence English proceedings for this purpose.

“Our client’s position is straightforward. There are final and binding judgments against the Defendant. NBU has every confidence in the English courts and in the legal process, and we will pursue enforcement as rapidly as possible. The law is on our client’s side,” said Senior Partner Dan Morrison.

As part of this process, Grosvenor Law has issued a formal notice to solicitors acting for Solfy CA and Mr Poletaev, requiring the preservation of all documents, in any form, that relate to the matters in question. This notice is a standard precautionary step under the Civil Procedure Rules of England and Wales, and any failure to comply may have serious legal consequences.

NBU is also aware that, in an attempt to deflect from their legal liability, attorneys and representatives of Solfy CA appear to have been conducting a public media campaign designed to damage the reputation of NBU and/or to discourage international investment in Uzbekistan. This campaign concerns ongoing criminal proceedings against an associate of Solfy CA who stands accused of embezzlement.

NBU categorically rejects these efforts to politicise a legitimate commercial and legal dispute. Uzbekistan’s law enforcement and judicial authorities are fully engaged and conducting their investigation into complaints brought by NBU and nine other unrelated complainants against the suspect, a director of Solfy CA. NBU believes it inappropriate to attempt to influence an active criminal investigation and calls on all parties to allow those proceedings to progress without any interference or external pressure.

“We look forward to the matter being resolved in court.” reiterated Dan Morrison.

NBU reserves all of its rights in respect of any statements made in the media on behalf of Solfy CA or Mr Poletaev, whether already made or in the future.