Uzbekistan Post has not been placed under trust management by Russian company Wildberries, State Assets Management Agency Director Sokhibjon Murodov said at a news conference Thursday, rejecting speculation that followed the appointment of Wildberries representatives to five of nine seats on the operator’s supervisory council.

“As of today, it has not been placed under trust management,” Murodov said.

He said the postal operator was tasked in 2025 with restoring its finances and updating corporate governance, which led to bringing specialists with foreign experience onto its executive bodies and council. The executive body and the shareholder are unchanged, he said, and the appointments are fixed-term and will be extended only if they deliver results.

Wildberries’ council presence is tied to a plan under discussion for the company to open an interest-free credit line of up to 360 billion soums, Murodov said. Funds would be drawn only as needed, and possibly not at all, he said. The talks are at the preliminary stage.

He said a separate proposal to borrow 100 billion soums at 14 percent was put on the agenda but did not win approval after the agency asked how the money would be spent and when it would pay off. The post is renegotiating with partners, he said.

Murodov said the post lost 50-60 billion soums in revenue from one service after delivery of administrative fine notices moved to mobile apps run by the Interior Ministry and banks.

No final decision has been made on fully privatizing the operator, he said.

Uzbekistan Post has more than 1,600 distribution points covering 280 districts and cities. It holds more than 1,000 contracts with e-commerce company Uzum and also works with Wildberries, Murodov said.