The key facts
- The minutes of the UzPost shareholders' meeting dated September 21 references trust management agreement No. 01/3-94 dated December 30, 2025 with LLC 'WB INT EXPORT'
- According to Spot, the state share package was transferred to WB INT EXPORT for one year based on a Cabinet of Ministers resolution dated October 13, 2025
- AUGA head Sokhibjon Murodov stated on October 8 that there is no trust management agreement, only a cooperation agreement
What follows from the corporate documents
An extract from the minutes of the extraordinary general meeting of shareholders of 'Uzbekiston Pochtasy' (UzPost) dated September 21, 2026, published on the Unified Corporate Information Portal, contains references to trust management agreement No. 01/3-94 dated December 30, 2025. According to the document, with reference to clause 6.1 of the agreement, WB INT EXPORT proposed electing five of its candidates to the supervisory board (letter No. DDU-4 dated March 31, 2026). The extract also states, with reference to Article 65 of the law 'On Joint-Stock Companies and Protection of Shareholders' Rights,' that WB INT EXPORT is the trust manager of the state share package of UzPost and holds all shareholder rights in accordance with the legislation and the agreement. On this basis, the company, by letter No. DDU-8 dated August 11, demanded convening an extraordinary general meeting of shareholders and including on the agenda the issue of electing a new composition of the supervisory board.
New supervisory board
As a result of the September 21 meeting, the shareholders elected a supervisory board of nine members for a term of three years. Five seats were taken by representatives linked to Wildberries & Russ: Evgeny Mitin (director of the investment and control department of 'RVB'), Emil Khasyanov (deputy director of the legal department of 'RVB'), Pavel Logunov (CFO of 'RVB'), Alexandra Khmeleva (director of the regional development management department of 'VB Bank') and Akmal Primkulov (general director of WB INT EXPORT). The remaining four seats were taken by representatives of government structures and an independent board member.
License and grounds for the transfer
A month before the agreement was concluded, on November 26, 2025, the National Agency for Advanced Projects announced the issuance of a license to LLC 'WB INT EXPORT' for professional activity in the securities market as a trust manager of investment assets and the inclusion of the company in the electronic registry of professional securities market participants. According to Spot, the state share package of UzPost was transferred into trust management to WB INT EXPORT — a 100% subsidiary of Wildberries — for a term of one year. The grounds were a Cabinet of Ministers resolution dated October 13, 2025, and the agreement dated December 30.
Contradiction with AUGA statements
This information contradicts the public statements of the director of the Agency for Management of State Assets, Sokhibjon Murodov. At a press conference on October 8, he answered a direct question from a Kun.uz journalist: 'As of today, there is no trust management agreement. There is only a cooperation agreement. It cannot be directly called trust management.' At the same time, he acknowledged that there had previously been an agreement on involving the company in managing the postal operator, and explained the entry of five Wildberries representatives into the supervisory board by the intention to use the marketplace's experience and attract financing for the development of postal infrastructure. He also reported preliminary negotiations on attracting interest-free financing of 360 billion soums from Wildberries; a previously proposed loan of 100 billion soums at 14% per annum was not approved by the shareholders.
What remains unknown
The full text of agreement No. 01/3-94, including the terms of trust management, the amount of remuneration, the obligations of the parties and the procedure for terminating the agreement, is not disclosed. 'Gazeta' sent a request to the AUGA press service regarding the agreement. Earlier, on October 3, AUGA officially refuted reports about the privatization of UzPost, stating that the state share of 92.9% is consolidated in the agency, and that Wildberries and Uzum Market had shown interest in acquiring it. According to AUGA, documents on the privatization of the state share have not been formalized.
