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Liglass Trading have to pay off debt to RusHydro till Sept. 18

The Czech Liglass Trading company has not yet transferred $ 37 million to Russia’s RusHydro, Deputy Prime Minister of the Kyrgyz Republic Duishenbek Zilaliev told Kabar Agency.

He said that the deadline of payment for the Czech company is Sept. 18.

Liglass Trading won a tender for the construction of the Upper-Naryn cascade of Hydro Power Plants (HPPs) in Kyrgyzstan and another ten small hydroelectric power stations.

The agreements were signed on July 10 in Bishkek by representatives of the company and the government of Kyrgyzstan.

Under the agreement, the investor must pay $ 37 million to the authorized capital of the Upper-Naryn HPPs CJSC to start the procedure for transferring Russia’s share in the amount of 50% of the shares of Liglass Trading.

Recall, in early Jan. 2016, Kyrgyzstan denounced the agreement with Russia on the construction of Upper Naryn HPPs signed in 2012.

RusHydro, a Russian company stated that the company invested $ 37 million in the project and asked Kyrgyzstan to pay them back.

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