Zeromax GmbH was a private sector conglomerate registered in

Switzerland ). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel ...

and operating mainly in

Uzbekistan Uzbekistan (, ; uz, Ozbekiston, italic=yes / , ; russian: Узбекистан), officially the Republic of Uzbekistan ( uz, Ozbekiston Respublikasi, italic=yes / ; russian: Республика Узбекистан), is a doubly landlocked cou ...

and was the largest investor in the Uzbek economy.Geneva, Center of the Karimov Empire
Pierre-Alexandre Sallier, Le Temps.ch, 17.02.2011 (retrieved 15.03.12)

Zeromax GmbH

Before being dissolved in 2010, the company was registered in

Zug , neighboring_municipalities = Cham, Baar, Walchwil, Steinhausen, Unterägeri , twintowns = Fürstenfeld (Austria), Kalesija (Bosnia-Herzegowina) Zug (Standard German: , Alemannic German: ; french: Zoug it, Zugo r ...

, Switzerland. Prior to this, Zeromax was registered in

Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...

in the United States before moving to Switzerland in 2005. In May 2010 Zeromax GmbH was suddenly and mysteriously shut down. The company officially filed for

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...

on 28 October 2010, at which point administrators were appointed and the company's assets were seized. In March 2010, months before the company's closure, Zeromax's chief executive, Miridal Djalalov, was allegedly detained for “questioning.” He was later released.Zeromax’s woes in Tashkent
Deirdre Tynen, Eurasia.net, 10.05.10 (retrieved 12.03.12) Other theories speculate that the company was closed to protect the assets because

was attracting too much attention internationally. Swissinfo wrote in 2021 that Zeromax was "closely associated" with Gulnara Karimova, daughter of a former Uzbek president.

Industries

A Swiss-registered entity since 2005, Zeromax was Uzbekistan's largest conglomerate and the country's largest employer. The company was involved in an extensive range of industries including

food processing Food processing is the transformation of agricultural products into food, or of one form of food into other forms. Food processing includes many forms of processing foods, from grinding grain to make raw flour to home cooking to complex industr ...

textiles Textile is an umbrella term that includes various fiber-based materials, including fibers, yarns, filaments, threads, different fabric types, etc. At first, the word "textiles" only referred to woven fabrics. However, weaving is not the ...

and

cotton Cotton is a soft, fluffy staple fiber that grows in a boll, or protective case, around the seeds of the cotton plants of the genus ''Gossypium'' in the mallow family Malvaceae. The fiber is almost pure cellulose, and can contain minor perce ...

production, energy and sports. A classified diplomatic cable from the U.S. Embassy in

Tashkent Tashkent (, uz, Toshkent, Тошкент/, ) (from russian: Ташкент), or Toshkent (; ), also historically known as Chach is the capital and largest city of Uzbekistan. It is the most populous city in Central Asia, with a population of ...

dated February 4, 2008 and released as part of the United States diplomatic cables leak, confirmed that Zeromax controlled a large stake in many of the key sectors of the Uzbek economy, including its

gas Gas is one of the four fundamental states of matter (the others being solid, liquid, and plasma). A pure gas may be made up of individual atoms (e.g. a noble gas like neon), elemental molecules made from one type of atom (e.g. oxygen), or ...

, oil, and gold extraction industries.

Creditors

In the period leading up to Zeromax's closure, the company was surrounded by rumors of layoffs and unpaid debts. The company's closure left a large trail of creditors, with some sources estimating that the company owed its creditors half a billion dollars in unpaid debts. Amongst the companies owed money by Zeromax and its network of affiliated companies are a number of

German German(s) may refer to: * Germany (of or related to) **Germania (historical use) * Germans, citizens of Germany, people of German ancestry, or native speakers of the German language ** For citizens of Germany, see also German nationality law **Ger ...

construction firms, which were working on the ambitious "Palace of Forums" project in the country's capital, Tashkent. In August 2011, creditors of the bankrupt company Zeromax GmbH met in the Swiss town of Zug to discuss the bankruptcy and the company's unpaid debts. The common decision taken was to urge the Karimovs to honour their obligations.Zeromax GmbH creditors to meet in Switzerland
UzNews.net 08.08.11(retrieved 15.03.12)

Switzerland

The family uses the services of a Swiss lawyer

who serves as their proxy to manage their affairs and the liquidation of Zeromax's assets.

References

{{Reflist, 2

External links