Uzbekistan to Sell Major Corporate Assets to Pay $131 Million in Wage Arrears

The government of Uzbekistan has approved a plan to sell off assets belonging to the large industrial group comprising Enter Engineering, Eriell, and Saneg. The move aims to settle wage arrears owed to nearly 39,000 employees.

The total salary debt owed by the holding company reached $131 million as of January 2026. To recover these funds, a special entity named Saneg Aktiv has been established in collaboration with the State Assets Management Agency (SAMA) to oversee the asset sales.

Proceeds from all sales will be deposited into a dedicated account at the National Bank. The funds will be allocated first to cover unpaid wages, then for tax obligations and loan repayments. The assets will be listed on the E-Auksion platform, with their prices subject to a weekly reduction of 5% if demand is insufficient.

The list of assets slated for sale is extensive. It includes Enter Engineering's main offices in Chilanzar and Sergeli districts, Eriell's offices on Shahrisabz and Chorbog streets, the Tashkent International Medical Center building (formerly the Borovsky College), Samarkand Airport, eight hotel complexes within a tourist center, the Fergana Oil Refinery Complex in Altiaryk, and a terminal in Angren.

Concurrently with the asset disposal, authorities are seeking new investors to complete several strategic projects linked to the group. These include the Tebinbulak metallurgical complex, modernization of the Fergana Oil Refinery, a gas-chemical complex project based on Methanol-to-Olefins (MTO) technology, and upgrades to Bukhara Airport.

The government has granted the group a tax deferral until January 1, 2027. However, this relief will only take effect after all wage debts to employees are fully settled.

Alisher Khamidov, Deputy Director of Enter Engineering, reportedly pledged that salaries would be paid by March 15. He indicated that funds would come from the sale of the Gazli Gas Storage underground facility but did not disclose deal specifics. Khamidov urged employees to retain their jobs and "be patient," assuring them that company liquidation is not planned.

Enter Engineering serves as the primary contractor for infrastructure construction around a nuclear power plant in Jizzakh. According to reports, this construction must continue as part of the project financing has already been transferred.

In January this year, Bakhtiyor Fazilov—owner of both Eriell Group and Enter Engineering—was reportedly notified of his removal from all energy projects as "main contractor."

Previously, following complaints about labor rights violations, Uzbekistan's State Labor Inspectorate recovered wage arrears for over 12,700 workers at Enter Engineering and related enterprises. While some salary payments have begun reaching employee accounts recently—covering one month—the debts have been accumulating since 2025.

The official monthly salary for most workers is around two million Uzbek soums (approximately $160), which is also how much per month they are owed; it is at this rate that management plans to clear its backlogged payroll obligations.