Navoiyazot’s Price Manipulation Yields Unprecedented Unauthorized Profits
JSC Navoiyazot Under Investigation for Unjustified Income
From 2021 to 2023, JSC Navoiyazot, a chemical enterprise in Uzbekistan, failed to list mineral fertilizers, polyvinyl chloride, and formalin products on the exchange as required by the schedule. This deliberate omission led to an artificial reduction in supply, causing prices to surge by 10 percent to 50 percent.
As a result of this manipulation, the company obtained a staggering 20.5 billion UZS in unjustified income. This has raised concerns among market regulators and authorities in Uzbekistan, who have now launched an investigation into the actions of JSC Navoiyazot.
The company’s failure to list these essential products has not only led to significant financial gains for them but has also had a detrimental impact on consumers and industries in need of these chemical products. The sudden spike in prices has put a strain on businesses and individuals who rely on these goods for their operations.
Authorities are now working to hold JSC Navoiyazot accountable for their actions and ensure that such unethical practices are not repeated in the future. The investigation aims to determine the extent of the company’s misconduct and impose appropriate penalties to prevent similar incidents from occurring.
As the investigation unfolds, stakeholders in Uzbekistan are closely monitoring the situation and hoping for swift action to rectify the unjust practices of JSC Navoiyazot. It is crucial for transparency and fair competition to be upheld in the market to protect the interests of consumers and promote a level playing field for all businesses.
