Role of The National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU)

  1. NBU advanced $8.1 million to Odil as pre-payment for future grain deliveries.

  2. Odil loan account was to be credited based on documents evidencing grain deliveries to Uzbekistan signed by Uzkhleboprodukt.

  3. Guarantees for the loan amount were given to NBU by Uzkhleboprodukt and The Council of Ministers of The Republic of Uzbekistan.

  4. Loan Agreement signed by Dr. Rustam Azimov, Chairman of the NBU.


Documents referenced:

Loan Agreement No. 95/14 dated October 2, 1995 between National Bank of Uzbekistan, Uzkhleboprodukt (Uzdonmakhsulot), Odil, and Galla-Bank

Instructions from the Deputy Prime Minister of Uzbekistan to the National Bank Chairman

Sample falsified Customs Declarations

Comments of National Bank Chairman, Dr. Rustam Azimov

Dow Jones Commodities Service Newswire story of November 27, 1997