Former Head of Uzbek Metallurgy Plant Listed on International Wanted Notice Amid Embezzlement Allegations
Dilshod Ahmedov faces international search over large-scale state asset misappropriation, raising concerns for British and European investors.
The former chairman of Uzbekistan's "O‘zmetkombinat" joint-stock company, Dilshod Tursunqulovich Ahmedov, has been placed on an international wanted list following allegations of large-scale embezzlement of state assets. This development, confirmed by Interpol, has sparked attention among British and European investors with stakes in Central Asian industrial ventures.
Background and Charges
According to official statements, Ahmedov is accused under Article 167, Part 3 of the Criminal Code of Uzbekistan, which pertains to the misappropriation or embezzlement of state property. Uzbek investigative authorities are currently conducting a comprehensive audit of the company’s financial and operational activities amid these allegations.
"The current investigation is thorough, as the financial stewardship of 'O‘zmetkombinat' comes under close scrutiny for potential misuse of significant state holdings," a source familiar with the matter stated.
Ahmedov was appointed chairman of the board of "O‘zbekiston metallurgiya kombinati" JSC in October 2024. Prior to this, he served as the first deputy chairman of "O‘zmetkombinat" from January 2021 and held the position of Deputy Minister of Investments, Industry, and Trade starting January 2024.
Implications for UK and European Business Interests
"O‘zmetkombinat" plays a crucial role in Uzbekistan’s metallurgical industry and has partnerships and supply chain links extending into European and British markets, particularly in steel and metal product imports. The emergence of governance concerns at the company level may weigh on investor confidence and sterling exchange rates, especially as London remains a hub for financing infrastructure and resource development projects in Central Asia.
Furthermore, the appointment of entrepreneur Bahodir Abdullayev as the new head of "O‘zmetkombinat" until August 2025 reflects efforts by Uzbek authorities to stabilize the enterprise's operations and reassure international stakeholders.
Market analysts in London have noted that such high-profile legal actions against executives of state-affiliated companies might influence the perception of investment risk in the region, potentially impacting capital flows and the valuation of related assets traded in European financial centers.
As the investigation unfolds, British and European enterprises with commercial interests tied to Uzbekistan's industrial sectors will be closely monitoring the situation for any changes that could affect trade, contracts, and regulatory compliance.
Based on reporting by Deutsche Welle.
