AIC will conduct financial audit of the past three years

JSC Azerbaijan Investment Company (AIC) has signed a contract with the local branch of Ernst and Young Holdings BV to conduct the audit of the financial statements in accordance with international auditing standards.

According to the updated registers of public procurement, the contract amount is 75 000 manat, excluding VAT. The audit will cover a three-year period (2012-2014).

According to the State Procurement Agency, in 2012, the parties entered into such an agreement, which was valued at 80 000 manat. AIC in 2011 selected as the auditor LLC Baker Tilly Audit Azerbaycan (5000 manat), and in 2011 it selected LLC Caspian Consulting (2900 manat).

Public JSC AIC was established in March 2006 at the expense of SOFAR. Its authorized capital is 160 million manat. The purpose of creation of the company is to promote the development of the non-oil sector.

The company does not publish its annual financial statements or audit opinions on them in any media or on its website, so there is no information about its capital resources and dividends from participating in the capital of companies.

In 2012, AIC came out of two projects, in which it had a 25% share (JSC Sangachal Oil and Gas Terminal and JSC Azerbaijan Association of Salt Production). The amount of the transactions was not disclosed. In these companies AIC had an investment of $ 9 million and $ 2.9 million, respectively.

The active investment policy of AIC has been suspended since 2011. The company currently has interests in Holcim (Azerbaycan) (10%), Saba (25%), Caspian International Investment Company (24.1%), Milk-Pro (20%), Agstafa Agrotekhservis (25%), Azertokhum (17.46%), and Baku Shipyard (10%). --08B—