A sampling of press coverage

Interfax first broke the story of Uzbekistan’s default on October 22, 1997.  It then followed up with an article on December 7,1997 reporting that Uzdon/Uzkhleboprodukt had filed suit against Odil based on the GAFTA Arbitration Award in Romak’s favor.  This article quotes a senior official from Uzdon as claiming the company “principally disagreed with the GAFTA arbitration court ruling, but does not even have the funds to appeal.”  The fee for a GAFTA appeal is approximately $3,000.

Dow Jones Commodities Service has written about the story a number of times.  On November 27, 1997, they wrote about the efforts of Dr. Rustam Azimov, at that time the President of the National Bank of Uzbekistan, to distance the National Bank and Uzbek Government from the scandal by commenting on the matter during an investment conference in New York.  This was followed on December 22, 1997 with a report on the apparent efforts of Uzdon/Uzkhleboprodukt to obtain payment from Odil.

Trade Finance Magazine published a detailed account of the dispute in its September 1998 issue, which prompted a Letter to the Editor from the General Manager of Uzdon, Bahtiyar Kadyrov, which was published in the December 1998 issue.

The story has also been covered by The Financial Times, and Reuters, and The Wall Street Journal.  The Wall Street Journal article prompted a response from Ronald Kennedie, an advisor to the National Bank of Uzbekistan, which was published as a Letter to the Editor.  Romak’s President, Dr. Milan Sladek, responded directly to Mr. Kennedie.

Perhaps the most comprehensive report on the entire case was published in the 2nd Quarter of 1999 by the Economist Intelligence Unit in their Business Operations Report. Romak has arranged for an independent Russian translation of this article.


Documents referenced:

Interfax article of October 22, 1997

Interfax article of December 7,1997

Dow Jones Commodities Service report of November 27, 1997

Comments of National Bank Chairman, Dr. Rustam Azimov                                           

Dow Jones Commodities Service report of December 22, 1997

Trade Finance article of September 1998

Trade Finance Letter to the Editor of December 1998

The Financial Times article of November 5, 1997

Reuters article of November 6, 1997

The Wall Street Journal article of November 6, 1997

Letter to The Wall Street Journal Europe from Ronald Kennedie

Response to Ronald Kennedie's Letter to the Editor

Economist Intelligence Unit article from 2nd Quarter 1999

Russian translation of Economist Intelligence Unit article from 2nd Quarter 1999