Tashkent, Uzbekistan (UzDaily.uz) — WB INT EXPORT, a wholly owned subsidiary of Russian e-commerce marketplace Wildberries, has been appointed trustee of the state-owned stake in Uzbekistan's national postal operator UzPost, according to an extract from the minutes of the company's shareholders' meeting held on 21 September 2026.
The document repeatedly refers to a trust management agreement signed on 30 December 2025. Under Clause 6.1 of Agreement No. 01/3-94, WB INT EXPORT sent a letter on 31 March 2026 proposing five candidates from the company for election to UzPost's supervisory board.
In a further letter dated 11 August, the company requested an extraordinary shareholders' meeting to consider electing a new supervisory board. The extract cites Article 65 of Uzbekistan's Law on Joint-Stock Companies and Protection of Shareholders' Rights, identifying WB INT EXPORT as the trustee of the state stake in UzPost. According to the document, the company was granted shareholder rights under the applicable legislation and the agreement.
At the 21 September meeting, shareholders formed a nine-member supervisory board for a three-year term. Five seats went to representatives associated with Wildberries and its affiliated companies.
The new board includes Yevgeny Mitin, director of the investment and control department at RWB; Emil Khasyanov, deputy director of RWB's legal department; Pavel Logunov, RWB's chief financial officer; Alexandra Khmelyova, director of regional development management at WB Bank; and Akmal Primkulov, chief executive of WB INT EXPORT. The remaining four seats went to representatives of state institutions and an independent board member.
Uzbekistan's National Agency of Perspective Projects (NAPP) had announced on 26 November 2025, before the trust management agreement was signed, that WB INT EXPORT had received a licence to conduct professional activities in the securities market as a trustee managing investment assets. The company's details were also entered into the electronic register of professional securities market participants.
The state stake in UzPost was transferred to WB INT EXPORT under a trust management arrangement for one year. The transfer was based on a Cabinet of Ministers resolution dated 13 October 2025 and the agreement signed on 30 December of the same year.
However, the corporate documents differ from public statements made by Sahibjon Murodov, director of the State Assets Management Agency.
At a press conference on 8 October, Murodov said that UzPost was not under Wildberries' trust management. Asked about the company's transfer under a confidential document, he said there was no active trust management agreement and that the parties' relationship was governed by a cooperation agreement. He acknowledged, however, that an earlier agreement had existed to involve the company in managing the postal operator.
Murodov explained Wildberries' representation on the supervisory board as an effort to draw on the marketplace's experience and attract funding to modernize postal infrastructure.
He also said preliminary talks had been held on obtaining 360 billion soums in interest-free financing from Wildberries. According to Murodov, shareholders had previously rejected a proposal for a loan of 100 billion soums at an annual interest rate of 14%.
The extract from the 21 September shareholders' meeting therefore explicitly refers to the trust management agreement and WB INT EXPORT's rights as trustee of the state stake. However, the full text of Agreement No. 01/3-94 has not been made public.
As a result, the available documents do not establish the terms of the arrangement, any potential management fee, the specific obligations of the parties or the procedure for terminating the agreement.
