The Central Bank of Uzbekistan announced that the license for Credit Standard Bank to conduct banking operations was withdrawn due to violation of the banking legislation.

CSB informed its customers and partners that the bank was closed by the Central Bank of Uzbekistan by adding that “We bring our apologies for any inconvenience caused and hope for your understanding.”

By closing down Credit Standard Bank the Central Bank is sending out a “significant signal” insiders say. Credit Standard Bank (CSB) was allegedly engaged in money laundering for Gulnara Karimova, president’s Islam Karimov oldest daughter.

The dismantling of Gulnara Karimova’s business empire started in early October. The once omnipotent business mogul Karimova has lost many of her assets – TV and radio stations, clothing shops, movie theaters and her charity organization Fund Forum among others.

The president Islam Karimov and his regime have been silent on the situation surrounding the president’s daughter.

Karimova accuses her mother Tatiana Karimova in taking revenge on her for trying to intervene in her mother’s own corrupt business empire.

In 2012 investigators in Switzerland and Sweden were probing alleged links between a leading European telecommunications company and a high-level multi-million dollar fraud and corruption scandal in Uzbekistan.

The allegations stretch all the way to businesswoman, pop diva and one-time UN ambassador Gulnara Karimova, the eldest daughter of Uzbek President Islam Karimov.

Swedish-based TeliaSonera, which is partly state-owned, has been at the centre of a huge political storm since Swedish TV broadcast a report accusing it of making a $300m payment to an intermediary company for the rights to operate a 3G mobile phone service in the Central Asian republic.
Uzbekistan’s Lola Karimova-Tillyaeva reveals rift in first family

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