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Oxiana Limited
Oxiana Limited was formed by Giulio Franzinetti as an investment advisory company based in Covent Garden, London. Oxiana (originally called J Thorn & Partners Ltd) represented the interests of the Central & Southern Asia Fund in investment activities in Uzbekistan. When the decision was made to open a representative office in Tashkent in July 1997, I was chosen to oversee the operation and to act as resident director. My first task was to select a local head of office to facilitate activities. A previous Uzbek acquaintance, Shukhrat Alimovich Kasimov, proved perfect for the position. A former member of the Soviet OPEC support team in Algeria, Shukhrat had all the contacts and administrative experience to help secure official registration - including semi-diplomatic status - within three months of original application. To date, this is the quickest completion known for an independent foreign organisation. The work of the office consisted of investigating and reporting potential projects for foreign investments. To this end, close ties were maintained with the Uzbekistan Post-Privatisation Investment Management (UPPIM) Fund, as well as with local representatives of the European Bank for Reconstruction and Development (EBRD). Oxiana, as a fully independent unit, could often look into potential projects which UPPIM, due to organisational restrictions, could not approach. Shukhrat and I recruited local office staff from zero. At its height, the representative office employed a selection of nationalities (British, Uzbek, Russian, Korean and Jewish) on secretarial, legal, accounting, research, cleaning, cooking, security and driving tasks. The working language of the office was Russian, with a high standard of English required for key positions. Potential projects came to us in a variety of ways: from official government sources; from UPPIM; from personal contacts; from research; and from speculative enquiries. Often starting with a supplied Business Plan in Russian, the first task was to translate and revise the Soviet-style contents into a format suitable for presentation to investors for an initial go/no go decision. For the many speculative enquiries, I was empowered to turn down the propositions on first inspection. Nevertheless, no applicant was turned away without advice on how to amend and improve the plan - especially the Marketing considerations - for potential re-application.
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