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

The government of Uzbekistan has approved a comprehensive plan to sell off assets belonging to the Enter Engineering, Eriell, and Saneg group of companies. The move aims to settle a significant wage debt owed to 38,7 thousand employees, which reached $131 million by January 2026.

A special entity, Saneg Aktiv, has been established in collaboration with the State Assets Management Agency to oversee the sale of properties. All proceeds will be deposited into a dedicated account at the National Bank and will be prioritized first for salary payments, then for taxes and loan repayments.

The assets slated for auction on the E-Auksion platform include 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 in Altiaryk, and a terminal in Angren.

If initial auctions fail to attract buyers, the price of these assets will be reduced by 5% weekly. Concurrently with the asset sales, authorities are seeking new investors to complete several strategic projects. These include the Tebinbulak metallurgical complex, modernization of the Fergana Oil Refinery, a gas chemical complex based on Methanol-to-Olefins (MTO) technology, and upgrades to Bukhara Airport.

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

Alisher Khamidov, Deputy Director of Enter Engineering, reportedly promised that salaries would be paid by March 15th. He stated funds would be raised through 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 remains the primary contractor for infrastructure construction around a nuclear power plant in Jizzakh. According to reports, construction must continue as part of the project financing has already been disbursed.

In January this year Bakhtiyor Fazylov owner of Eriell Group and Enter Engineering was notified about his removal from all energy projects as "the main contractor".

Earlier this year following complaints about labor rights violations Uzbekistan's State Labor Inspectorate recovered wage arrears for more than 12 7 thousand workers at Enter Engineering and related enterprises While some back pay has started arriving on employee cards it currently covers only one month despite debts accumulating since 2025

Official salaries for most workers are around two million Uzbek soums approximately $160 at current exchange rates The company plans to clear its debts based on these amounts