TadAZ used as ‘cash cow,’ counsel tells British court

Oct 28, 2008 | 12:06 PM | Clementine Wallop

Avaz Nazarov and Abdukadir Ermatov used Tajikistan Aluminium Co. (TadAZ) as a "cash cow" as they exploited the company through "daisy chains" of companies associated with Nazarov's Guernsey-registered trading business, Ansol Ltd., between 1996 and 2004, London's High Court was told Monday.

Ermatov, who was the director of TadAZ from October 1994 to December 1996, is alleged to have entered into exclusive contracts with Ansol that resulted in the aluminum producer being defrauded of "hundreds of millions of dollars," prosecutor Murray Rosen said. In return for the lucrative contracts, he said, Ermatov guaranteed Nazarov exclusive rights to TadAZ's aluminum and agreed the company would pay "way above" the market price for its alumina.....

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