In 2012, the State Committee for Securities (SCS) received from shareholders 267 plaintive statements. Complaints to the SSC decreased by about 7%. However, this is not a sign of improvement in the observance of the rights of the holders of minority interests.
Shareholders complained about violations of their rights in 394 JSC (in 2011 - 454 JSC). SCS revealed serious violations of the rights of shareholders in 146 JSC (in 2011 - 184 JSC), in relation to which it was applied administrative sanctions in the amount of AZN 200 each.
The analysis shows that, in many cases, the management of joint stock companies simply ignores letters from SCS to investigate complaints of shareholders. SCS never used for the last 10 years the right to examine the rights of shareholders in the field. Therefore, shareholders are less resort to the SSC, and prefer to go to court to recover their rights.
Note that in 2012, there was a trend of rejection of forms of shareholder management and liquidation of JSC. There were eliminated about 20 JSC, and many of these cases were accompanied by violations of the rights of shareholders. - 08D-
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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