Eased Conditions of Sale of State Assets

President Ilham Aliyev signed on October 22 a decree to amend the "Rules of the sale of state assets through auctions ", approved in December 2000.

According to the amendment, the winner of the auction for the sale of state property and shares will pay the remaining amount of the sale price for not 5, but 30 business days from the date of the contract of sale.

Bidders must pay a deposit of 10% (taking into account when paying the cost of the facility or shares) for 3 days before the bidding.

In Azerbaijan, auctions are a mere formality. The object or shares are sold to a pre-agreed customer. Competition in the auction is missing. The starting price of the objects several times lower than the market price.

So, on November 19 appointed is the auction, which is planned to sell the house celebrations Khoshbakhtlyg (Happiness) located in the village of Bakikhanov of Baku. Excluding the land, the area of ??the building covers more than 2,200 square meters. The starting price of the facility, where only one man works allegedly, is 315,500 manat.

At the same time 47.3 million manat of this amount will be paid at a reduced formula (part of that amount, according to the law, is not paid). Thus, an area of 1 square meter costs 142.8 manat. In the same village up for sale is the palace celebrations owned by LLC Uch Qardash, a square meter of which costs more than 1,100 manat. - 08D-