Introduction
In a short span, the virtual mobile operator and fintech company Humans found itself at the center of major financial disputes in Uzbekistan. Launched in 2020 on the infrastructure of the state-owned operator Uztelecom, the company quickly expanded while simultaneously accumulating debts to key partners. In 2024–2025, the situation escalated into a series of lawsuits and arbitrations involving multi-billion-soum claims.
This report outlines the confirmed debts of Humans to organizations such as Uztelecom and Octobank, highlights judicial rulings, and discloses the company’s ownership structure and ultimate beneficiaries. The analysis is based solely on verified sources: official statements, court documents, and reports from reputable media. Unverified data is presented as assumptions or open questions. This material is aimed primarily at regulators, investors, and potential partners seeking to assess the risks associated with Humans.
Legal Disputes
In January 2025, Humans Group reported impressive results for the previous year: Humans Pay’s revenue had grown by 60%, the number of active users exceeded 2.3 million, and the turnover reached nearly 18 trillion soums.
However, alongside these announcements, it was revealed that at least 13 lawsuits had been filed against the company by banks and financial institutions. The core of the claims: debts related to acquiring, processing, and cash settlement services. In some cases, the lawsuits exceeded $100 million.
What stands out is that these obligations are not reflected in the official financial reports of Humans Group. This suggests the company may be deliberately hiding its actual financial condition, despite its public claims of growth and success.
Financial Claims from Uztelecom
By 2025, Humans had accumulated a debt exceeding 520 billion soums to the national telecom operator Uztelecom. The bulk of this amount—approximately 497 billion—relates to unpaid telecom services, with the remainder being penalties and late fees.
On May 8, 2025, the Economic Court of Tashkent fully upheld Uztelecom’s claim to recover the debt. As of June 2025, Humans had filed an appeal, but the original court ruling remains valid.
Octobank Lawsuit
In January 2025, Octobank filed a lawsuit against Humans LLC for violating contractual terms related to the servicing of UPay-branded payment cards. According to the bank, Humans consistently failed to meet its financial obligations—neglecting to reimburse transactions and pay commission fees—leading to a debt exceeding 500 billion soums.
On June 13, 2025, the Tashkent court ruled in favor of Octobank and ordered Humans to repay the full amount. Humans announced plans to file a countersuit, accusing the bank of illegal deductions. Nevertheless, the court ruling in favor of Octobank has taken legal effect.
Ownership and Offshore Structure
Who really owns Humans, and who is behind its operations?
Officially, Humans’ Uzbek entity is registered to a foreign investor: the founder of Humans LLC is Singapore-based Humans Mobile Ltd., part of the international Humans Group. This structure was also used to file an ICSID arbitration claim as a foreign investor. The arrangement is likely deliberate: Singapore and Uzbekistan have a bilateral investment protection agreement, allowing the company to use World Bank arbitration.
However, in practice, this is mostly a formal setup. The ultimate beneficial owner of Humans is considered to be Russian entrepreneur Vladimir Dobrynin—former CEO of Yota and ex-executive of MegaFon and VimpelCom. In 2016, he launched the Humans startup in the US, later pivoting toward the Uzbek market. Dobrynin is the public face of the company, frequently giving statements and believed by media to control the business through a network of legal entities.
Humans Group’s headquarters is likely located in Singapore, though the company is also present in Cyprus, Poland, Germany, the USA, and Uzbekistan—suggesting a complex corporate structure involving R&D, financial operations, and possibly tax optimization. Cyprus, in particular, is commonly used for holding companies in Eastern Europe.
Simplified Ownership Structure:
- Vladimir Dobrynin (Russia) – Ultimate Beneficiary
- Humans Group (International Holding)
- Humans Mobile Ltd. (Singapore) – Legal owner of Humans LLC in Uzbekistan
The company remains privately held; a full list of shareholders is not publicly available. In a 2022 interview, Dobrynin mentioned raising around $5 million in investment but did not disclose investor identities. Available information indicates that the founder and possibly a small circle of partners maintain full control.
Business Geography: Have There Been Conflicts Outside Uzbekistan?
Germany
In 2021, Humans announced the upcoming launch of Humans.de in partnership with Vodafone Germany, planning to replicate its Uzbek “super app.” However, as of mid-2025, there is no public confirmation of the launch or any related legal disputes. Most likely, the project was postponed due to domestic challenges.
USA
Humans originally began in the US as Humans.net—a freelancer services and social networking platform. Launched in 2016, it raised about $5 million. Its US activity was limited to digital services and didn’t require infrastructure partnerships, which may explain the absence of legal or financial disputes.
Other Countries
Humans has also mentioned its presence in Poland and Cyprus—presumably for software development and back-office operations. In October 2024, Uzbekistan’s Central Bank suspended the operations of Humans’ subsidiary UPay and fined several banks for violations related to international payments. However, this occurred only in Uzbekistan.
There is no evidence of financial or legal disputes involving Humans outside Uzbekistan, which suggests the country was the company’s main—and most problematic—market.
Conclusions and Risk Assessment
Once positioned as a digital transformation leader in Uzbekistan, Humans Group is now facing significant legal and financial pressure from key partners.
As of June 2025, court-confirmed claims against the company exceed $80 million. Rulings in favor of Uztelecom and Octobank have entered into force. Despite seeking protection via ICSID arbitration, the company cannot avoid its internal obligations.
Humans portrays itself as a victim of state pressure. However, Uzbekistan’s regulators—including the Central Bank—are acting within the law by suspending services, enforcing court rulings, and protecting the financial system.
Humans’ customers—including telecom users and UPay cardholders—are now at risk: as of June 2025, UPay has ceased operations, and mobile services may be unstable.
The case raises serious doubts about the company’s reliability and highlights the need for transparency in ownership and adequate capitalization.
For regulators, the situation underscores the need for tighter oversight of fintech startups and telecom operators, especially those with foreign capital.
For the market, it serves as a warning of the consequences of failing to meet financial obligations.
For investors, it is a reminder that even promising startups can collapse without a transparent and sustainable business model.
