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Nazarov and Ermatov used TadAZ as ‘cash cow’, court hears
October 27, 2008 - 20:06 GMT
Location:
LONDON
Avaz Nazarov and Abdukadir Ermatov used Tajikistan Aluminium Co (TadAZ) as a "cash cow" as they exploited the company through "daisy chains" of companies associated with Nazarov's Guernsey-registered trading business Ansol Ltd between 1996 and 2004, London's High Court heard on Monday
Ermatov, who was the director of TadAZ between October 1996 and December 2004, is alleged to have entered into exclusive contracts with Ansol that resulted in the aluminum producer being defrauded of "hundreds of millions of dollars," Queen's Counsel Murray Rosen told the court.
In return for the lucrative contracts, Ermatov guaranteed Nazarov exclusive rights to TadAZ’s aluminum and agreed the company would pay "way above" the market price for its alumina.
"This is a grubby story . . . I will show how far the defendants are from coming to the case with candor and openness," Rosen told the court, detailing how Ermatov's family was also drawn into the...
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Euromoney Institutional Investor PLC.
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