The bank’s press service said that the board of the Central Bank adopted corresponding decision on 28 August 2010. The decision was adopted in line with article 17 and 53 of the Law “On Central Bank of Uzbekistan”, article 6 of the Law “On Credit Unions” and article 23 of the Law “On licensing of separate type of activities”.

The regulator said that these credit unions systematically violated requirements of the legislation and normative acts of the Central Bank, as well as did not implemented orders of the Central Bank on eliminating violations in their activities.

As earlier reported, the Central Bank of Uzbekistan suspended licenses of these credit unions and gave them 10 days to present information, proving elimination of violations, which were result for suspension of licenses.

The liquidation process will be carried out in line with the legislation, including requirements of the Central Bank’s regulation “On organization and liquidation of credit unions”.