Turkish businessman Ahmet Demir has not yet fulfilled his investment obligations at the “Chorsu” hotel, the State Assets Management Agency said.

The agency’s report noted that on July 2, the Tashkent Inter-district Economic Court decided to terminate the hotel’s contract “due to non-fulfillment of investment obligations”. Now the hotel will be put up for public auction. 

In September 2017, Demir Group acquired the “Chorsu” hotel building at a zero redemption value, under the terms of fulfilling investment obligations in the amount of not less than $33 million.

Tashkent authorities have repeatedly accused the company of not fulfilling investment obligations. The khokim of the capital Jakhongir Artikhodjayev explained the break in constructing the hotel by the lack of money from Ahmet Demir.  

Earlier, the Turkish businessman said that he could not solve the problems associated with “paperwork”.

“The biggest problem is paperwork. We need additional territory, because the hotel will be at least 4-star and it will have 350 rooms. Foreign partners noted that 2 hectares of the adjacent area will not be enough for quality service in such a large-scale building. We appealed to the Tashkent city administration and other authorized bodies with a request to allocate additional territory. We were promised to allocate 3 hectares of land, even a corresponding presidential order was issued,” Ahmet Demir said then.