The Commercial Court of the British Virgin Islands on July 13 will open consideration of the claim of the company BNP Paribas Trust Corporation UK Limited against Baghlan Group Limited. The founder of the defendant is a citizen of Azerbaijan Hafiz Mammadov, known in business circles for his nickname Hafka, which owns several vehicle and trucking companies, a commercial bank, a football club, etc.
On behalf of the plaintiff is the company Walkers. The declaration published today in the state newspaper Respublika notes that the application for appointment of a liquidator of the company Baghlan Group Limited was received by the Court on June 17 this year. Baghlan Group Limited was the holder of shares Bahar Energy Ltd., which is engaged in the development of deposits Bahar and Goom Deniz. However, in 2014, Baghlan Group Limited lost the share because of the financial problems.
Note that Hafiz Mammadov and his two sons also belong to the group of companies KSM, which includes the company Alfa Caspian Shipping, Logistics Group, BQ Trans, City Bus, Ramada Hotel & Suites Baku, Baku Fans, Elite Catering, Cono Pizza, Candy Bouquet, Bank of Azerbaijan, and etc.
In 2012, Baghlan Group posted bonds totaling $ 150 million with the participation of BNP Paribas Trust Corporation UK Limited in the Cayman Stock Exchange. Full repayment of the securities is planned for this summer. Perhaps Hafiz Mammadov faced with repayment on these securities. --08B--
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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