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RussianI represent an investment fund that was targeting investments in SME’s in Kyrgyzstan and selected former Soviet Republics. Our story started in 2008 when we met Nurgazy Nurgaziev, a Kyrgyz businessman. After many meetings, in 2008 we invested in OcOO Trilight. Problems started soon after the investment. Discussions failed to solve the problems. We looked at the legal system for help.
We asked Financial Police and its successor, State Service for Combating Economic Crimes (GSPEB), for assistance. They opened and closed investigations 4 times. Couple of times, it was stated in writing that the reason for closing the case was unjustified, hence it was reopened.
We then managed to get a criminal case opened. The case was suspended. We wrote to the President of Kyrgyzstan and got the suspension lifted. Currently a criminal case is open. The process is still going on. We will not give up.
In this website will share our journey. How we met Nurgazy Nurgaziev. What problems we faced. How we got the case opened four times by Financial Police.
This was our first investment in Kyrgyzstan. We made a relatively small investment, as a test. We wanted to learn more about the business environment and how local entrepreneurs do business, before committing more money. And there was certainly a lot to be learnt.
Are you thinking of investing in Kyrgyzstan? Learn about the processes and challenges involved? The reason for sharing this information is not to discourage foreign investors. It is to help investors better understand the investment environment, so they can avoid headaches and have a good experience in Kyrgyzstan.
There are many positives from our experience. One of the biggest positive is that we managed to get the case investigated by Financial Police four times, and the suspension of the criminal case lifted. This shows that there are people in Government who want to ensure that things are done properly. This is promising.
These are two most recent letters I received from the prosecutor regarding the criminal case.
Opening of Criminal Case March 2018
This is Nurgazy Nurgaziev, the Kyrgyz shareholder, signing the investment agreement in September 2008. He received 50% of the investment amount a couple of days after signing the agreement.
Note: A criminal case is currently open. These are two most recent letters I received from the prosecutor.
Opening of Criminal Case March 2018
Next article: Namali, a factory in Novopokrovka
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