Communist Tax Lawyer

A news, research and discussion platform for monitoring the evolution of Communist and ex-Communist countries to market economies


Archive For May, 2010

Ukrainian Mortgage Market Continues To Decline

May 28th, 2010

The Ukrainian market for mortgage loans has been continuing to decline from the beginning of 2010. Since then national banks portfolios have reduced by 3.5 percent to 3.6 billions grivnas. In the first quote of this year, credits volume, guaranteed by real estates reduced to 3.64 billion grivnas, the national Ukrainian Mortgage Association (UMA) reported yesterday. Throughout last year credit volume reduced by 3.8 percent.

“During the pre-crisis years real estate markets were overheated due to very trite reason like greediness”, UMA chairman of board Igor Yushko said to Kommersant-Ukraine daily. Read the rest of this entry »

Azerbaijan’s Central Bank to Propose Credit Bureau Bill to Government This Year

May 19th, 2010

Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project (ACAFI) official Teymur Geybatov announced that Azerbaijan’s Central Bank has accepted the ACAFI’s business-plan to open the country’s first credit bureau, calling it “the cornerstones of a sound financial system.”

“According to our business plan, capital accumulation should be completed within 9 months” – said Geybatov, who added that US$1 million is needed to provide the bureau with the required software. Read the rest of this entry »

Tajikistan’s Rogun Hydroelectric Power Plant Offers Share Sale, Raises Capital to Finish Dam Project

May 12th, 2010

According to Tajik Ministry of Finance over US$186 million was transferred to the accounts of the Rogun hydroelectric power plant project through the sale of stocks and shares certificates of OJSC Rogun as well as financial donations, reports.

The shares of construction company with total value of US$1.37 billion were issued on January 6, 2010. US$3.2 billion is required for the project achievement.

Construction on the Rogun Dam began back in 1976, and continued in starts and stops for the past 30 years. In 2004, the Tajik government formed a partnership with Russia’s Rusal to complete the project. Despite Rusal’s US$2 billion commitment to the project, Tajikistan authorities had canceled their contract in 2007. Read the rest of this entry »

Mongolia Mulls Casino Proposal for Border Town

May 4th, 2010

Mongolia continues its transition to a free-market economy by making a legal framework for launching casino in one of the country’s Free Trade Zone (FTZ) in the Mongolia-China border town of Zamyn Uud. Members of the Ikh Khural (Parliament) D.Zagdjav and D.Batbayar proposed a draft law for a Limited Casino to speaker D.Demberel.

This is the third try to pass the law on Casino through Ikh Khural. Two other drafts were rejected by the previous Parliament.

“Neighboring regions of neighboring countries don’t have any casinos or gambling centers, which allows such businesses to flourish in Mongolia,” deputies said to Business Mongolia. Law initiators believe that it will contribute to the Mongolian economy and revenue. Read the rest of this entry »