Title: “Alleged $1.1 Billion Financial Fraud at Tajikistan’s Central Bank: Chairman Diverted Funds to Family-Owned Company”

Independent Audit Uncovers Substantial Financial Irregularities

• Ernst & Young conducted an audit between 1996 and 2008
• Published on Tajikistan’s central bank website
• Former chairman, Murodali Alimardonov, accused of diverting around $856 million to his personal investment concern, Credit-Invest

Implications of Alleged Fraud

• Total funds transferred amount to more than $1.1 billion
• $221.5 million allocated for the cotton industry unaccounted for
• Significant amount considering Tajikistan’s power shortages and lack of investment

Financial Irregularities in Tajikistan

• International Monetary Fund (IMF) demanded $47 million repayment last year due to suspect data on national reserves
• Central bank and other state-owned enterprises undergoing audits following IMF scandal

Key Documents Destroyed Before Audit

• Limiting scope of Ernst & Young’s report

Alimardonov’s Response

• Currently serving as Tajikistan’s deputy prime minister responsible for agriculture
• Declined to comment when contacted by the publication

Implications for Tajikistan

• Economic challenges including power shortages and insufficient investment
• Awaiting further implications of substantial alleged fraud.