Uzbekistan’s State Bank Takes Fintech Fight to London’s High Court

LONDON, UK – June 25, 2026 – A commercial dispute originating in Uzbekistan has landed squarely in the British legal system, as the National Bank of Uzbekistan (NBU) initiates enforcement proceedings in England to reclaim a debt of approximately £1.32 million from fintech platform Solfy CA. The move transforms a regional financial disagreement into a complex international legal battle, testing the global reach of Uzbek judgments and placing Uzbekistan's investment climate under a microscope.

Acting on behalf of the state-owned NBU, London-based Grosvenor Law confirmed it has been instructed to enforce two final and binding judgments obtained in Uzbekistan. The case, which revolves around a soured partnership, has escalated beyond simple debt collection, now entangled with allegations of a coordinated media smear campaign and related criminal proceedings in Tashkent.

From Tashkent to London: The Legal Battlefield

The core of the NBU's action is straightforward: it seeks to have the English courts recognize and enforce judgments totaling over 21 billion UZS. These were awarded by Uzbek courts after Solfy CA allegedly failed to meet its financial obligations under a commercial contract. According to NBU's legal team, the judgments are incontestable, having already survived unsuccessful appeals by Solfy CA in its home jurisdiction.

"Our client’s position is straightforward. There are final and binding judgments against the Defendant," said Dan Morrison, Senior Partner at Grosvenor Law. "NBU has every confidence in the English courts and in the legal process, and we will pursue enforcement as rapidly as possible. The law is on our client’s side."

Because no specific reciprocal enforcement treaty exists between the UK and Uzbekistan, the NBU is leveraging England's common law regime. This well-trodden path allows a foreign judgment to be treated as a contractual debt, enabling the creditor to sue on that debt in the High Court. As part of this process, Grosvenor Law has issued a formal notice to solicitors for Solfy CA and its main investor, Maksim Poletaev, demanding the preservation of all related documents—a standard but serious procedural step under English Civil Procedure Rules, where non-compliance can carry severe penalties.

A Partnership Soured: The Fintech Venture at the Heart of the Dispute

The conflict stems from a once-promising joint venture launched in 2020. The NBU and Solfy CA partnered to introduce a large-scale project for interest-free installment cards, a significant fintech initiative for the Uzbek market. However, the relationship deteriorated, leading to the financial disagreements that sparked the original lawsuits.

Solfy CA’s primary investor is Maksim Poletaev, a former high-ranking executive at Russia’s sanctioned Sberbank. He and his legal team, Amsterdam & Partners LLP—a firm known for its work in high-stakes political advocacy and international disputes—are mounting a vigorous defense. They frame the NBU's actions not as legitimate debt recovery, but as an aggressive attempt by the state-owned bank to seize control of the valuable fintech project. In a significant escalation, Solfy's representatives have stated they are preparing to launch their own counter-claim in international arbitration, seeking damages they estimate between $45 million and $55 million.

The Battle for Narrative: Allegations of Smear Campaigns and Criminal Charges

What elevates this case beyond a typical commercial dispute are the NBU's sharp allegations that Solfy CA is waging a public relations war to evade its legal responsibilities. The bank claims Solfy's representatives are conducting a "public media campaign designed to damage the reputation of NBU and/or to discourage international investment in Uzbekistan."

This alleged campaign appears timed to exert maximum pressure, with increased activity noted in the run-up to the prestigious Tashkent International Investment Forum (TIIF). The NBU has explicitly rejected what it calls "efforts to politicise a legitimate commercial and legal dispute."

Adding another layer of complexity is a separate but related criminal investigation in Uzbekistan. In March 2026, Uktam Khasanov, the director of Solfy’s Uzbek division, was detained on accusations of embezzlement. The NBU is just one of ten separate complainants in that case. The bank asserts that Solfy’s media offensive is an attempt to deflect from this criminal matter and interfere with an active investigation. Mr. Poletaev, in turn, has reportedly demanded Khasanov’s release.

Uzbekistan's Reputation on the Line

For leaders and investors, the quiet operational shift to watch is not in fintech, but in Uzbekistan's own governance. This dispute has become a public stress test for the country's "New Uzbekistan" reform agenda, which hinges on attracting foreign capital by demonstrating institutional resilience and a reliable rule of law. How the nation’s largest bank handles a conflict with a foreign investor is being closely monitored as a bellwether for the broader investment environment.

Some analysts view the aggressive PR tactics employed against NBU as reflecting an outdated geopolitical worldview among some Russian business elites, who may see pressuring the Uzbek government as a viable alternative to abiding by local court rulings. One observer described the strategy as an attempt to "blackmail" Tashkent by threatening its hard-won international standing.

Uzbek officials, focused on showcasing economic sovereignty and transparency, are keen to ensure the narrative remains centered on the legal facts. For them, the NBU's pursuit of its rights through established international legal channels is a demonstration of maturity. Yet, the parallel battle over public perception shows how easily commercial disputes can be weaponized in the global competition for capital. As the case proceeds in London, international investors will be watching to see whether legal process or political pressure prevails, offering a crucial data point on the real-world risks and rewards of engaging with one of Central Asia's most dynamic emerging markets.