Capital Bank has no problems with minorities

The January 24 newsletter article by Turan IA dedicated to the results of the general shareholders meeting of Capital Bank has caused some concern of its leadership. In a letter received by the agency from the director of marketing and public relations Vusal Naghiyev, the bank states that in the article were made "some preconceived circumstances" that are of concern in relation to the bank's reputation .

" Claims about preventing the minority shareholders from attending the general meeting without sending them notices of the meeting were completely unfounded. In fact, information on the conduct of this meeting was posted in the print media and on the corporate website of the bank. Of about 170 minority shareholders the meeting was attended by only one shareholder, whose participation was provided," the letter noted.

The meeting was held in accordance with the previously announced agenda, including the issues to increase the authorized capital from 70 million to 150 million manat and changes in the composition of the Supervisory Board and the Audit Committee and to the relevant provisions. "The question of the retained earnings of the bank was not among those included in the agenda of the meeting and therefore we regard the questions, comments or complaints about this by Turan as an indicator of personal bias and unprofessional attitude to the subject by the author, which is incompatible with the objectivity of social reputation of the agency." -0-