KAPITAL SUG’URTА’s license suspended due to size of charter capital

Tashkent, Uzbekistan (UzDaily.com) -- Ministry of Finance of Uzbekistan suspended the license of KAPITAL SUG’URTА in the part of mandatory insurance for 10 working days.

The company said that the decision was adopted in connection with non-formation of the charter capital in full volume. The charter capital of the insurance company is 11 billion soums, but the legislation requires that the charter capital should be 15 billion soums.

The insurance company said it is holding talks with large investors to sell its stakes. But the investors did not adopted decision to acquire stakes of KAPITAL SUG’URTА by 1 July.

It added that if the negotiations fail, it will increase its charter capital due to its net income for 2017 at the volume of 7 billion soums. The company can raise its charter capital to 18 billion soums.

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