Rustam Rahmatov Steps Down from IMAN Management

Rustam Rahmatov, the founder of IMAN Holding, plans to hand over the company's day-to-day management to new professionals and transition to the supervisory board. This decision follows concerns raised regarding the company's financial operations.
IMAN Holding has responded to allegations of financial irregularities made by a former partner, Mahmud Usmon. The company acknowledged a shortfall of $20 million within a portfolio valued at approximately $70 million.
According to the company, the issues include an unhedged risk of $3.5 million related to non-performing loans, a $2.97 million debt owed by the management company to the investment fund, and a discrepancy of 140.75 billion soums between the credit-based sales portfolio and the investors' portfolio.
IMAN stated that the practice of covering management expenses using fund assets was discontinued in July, and that the $2.97 million debt is scheduled to be repaid over six months, starting in November.
Furthermore, the company acknowledged that a transaction involving the purchase of a Mercedes-Benz S500—acquired for the founder for approximately $128,000—did not align with the principles of Islamic finance. The company stated that the vehicle was sold in August, and its value—along with the lease payments—was recovered. An outstanding balance of over 366.9 million soums related to the BYD Champion vehicle has also been fully settled. As of now, no independent audit report has been released regarding the former partner’s claims or the explanations provided by the company.