More than 2,400 employees of the pharmaceutical company Riyad Farm have remained without a salary for three months.
The reason is that its President, Hassan Sharifov and Executive Director Adil Guliyev are accused of embezzling $ 200 million in a loan taken from the International Bank of Azerbaijan. A few days ago they were detained by the Office of Fight against Organized Crime of the Ministry of Internal Affairs. However, the official leadership of the agency is figurehead, and in fact the company belongs to a cousin of the President, Ilgar Aliyev.
Pharmacies attached to Riyad Farm have also closed. Turan IA’s appeals to the leadership of the organization remained unanswered.
Recall, recently the Ministry of Taxes has published a list of debtors in this segment. This agency has appeared in the black list of tax officers for the first time. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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