Postal operator UzPost has been transferred into trust management to a structure of Russia's Wildberries
The state stake in UzPost was transferred into trust management to a subsidiary of Russia's Wildberries under an agreement dated December 30, 2025. Earlier, the head of the SAMA stated that no such agreement existed. Back in November of last year, WB INT EXPORT obtained a trust manager license.
Postal operator UzPost transferred to trust management of Russian Wildberries structure
The state shareholding in the national postal operator Uzbekiston Pochtasi (UzPost) was transferred to trust management of LLC WB INT EXPORT, a subsidiary structure of the Russian marketplace Wildberries. This is stated in the minutes of the shareholders' meeting dated September 21.
The extract contains several references to the trust management agreement and actions taken on its basis.
In particular, with reference to clause 6.1 of agreement No. 01/3−94, it is stated that on March 31, 2026, LLC "WB INT EXPORT" sent letter No. DDU-4, in which it proposed to elect five of its candidates to the supervisory board of the postal operator.
In addition, referring to Article 65 of the Law "On Joint-Stock Companies and Protection of Shareholders' Rights," the document states that WB INT EXPORT is the trust manager of the state shareholding in UzPost and possesses all the rights of a shareholder in accordance with the legislation and the agreement dated December 30, 2025.
On this basis, the company sent letter No. DDU-8 on August 11 demanding to convene an extraordinary general meeting of shareholders and to include the issue of electing a new supervisory board on the agenda.
Following the meeting on September 21, the shareholders elected a nine-member supervisory board for a three-year term. The majority — five seats — went to representatives associated with Wildberries & Russ:
The remaining four seats were taken by representatives of state bodies and an independent board member.
Notably, a month before the conclusion of the agreement, on November 26, 2025, the National Agency for Prospective Projects (NAPP) reported issuing LLC "WB INT EXPORT" a license to conduct professional activities on the securities market as a trust manager of investment assets.
The agency also gave notification that information about the company was included in the electronic register of professional securities market participants.
Spot reports that the state shareholding in UzPost was transferred to WB INT EXPORT, a wholly owned subsidiary of Wildberries, in trust management for a term of one year. The basis was the Cabinet of Ministers resolution dated October 13, 2025, and the agreement dated December 30.
Data from corporate documents conflicts with public statements by the director of the State Assets Management Agency, Sokhibjon Murodov.
At a press conference on October 8, he stated that UzPost is not under the trust management of Wildberries. Answering a direct question from a Kun.uz journalist about the transfer of the company based on a classified document, the head of the agency said:
"As of today, there is no trust management agreement. There is only a cooperation agreement. You cannot directly call this trust management."
At the same time, Murodov acknowledged that an agreement previously existed to involve the company in managing the postal operator.
He explained the entry of five Wildberries representatives into the supervisory board by the intention to use the marketplace's experience and attract funding for the development of postal infrastructure.
He also reported preliminary negotiations to attract 360 billion soums in interest-free financing from Wildberries. A previously proposed loan of 100 billion soums at 14% per annum was not approved by the shareholders.
At the same time, the extract from the minutes of the meeting dated September 21 directly points to the existence of a trust management agreement granting WB INT EXPORT the rights of a shareholder.
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.
On October 3, SAMA officially denied reports about the privatization of UzPost. The agency reported that the state's 92.9% stake is consolidated within the agency, and Wildberries and Uzum Market had shown interest in acquiring it.
At the same time, according to SAMA, documents regarding the privatization of the state stake have not been executed.