The main shareholder of JSC Bank Technique Etibar Aliyev brought the extent of his participation in the authorized capital to 87.06%. The remaining shares are distributed so - Allahverdi Damirov – 4.9% and Mirfallah Jabbarov - 8.04%.
JSC Bank Technique with registered capital of 75.1 million manats was established in 1994 and until the first quarter of 2012 (when Aliyev was wrongfully arrested by MNS) it had not experienced difficulties. Then he had his business confiscated on June 19, 2013 by registering at the Baku Stock Exchange OTC transactions in the amount of 48 million 565 thousand manats (48 565 shares with a nominal value of 1,000 manats each).
Contrary to regulations of SSC, the documents had no information about the buyer. However, according to Turan, it was about 75% of the shares of a private firm World Wines, controlled by some Adil Mammadov. The report noted that on April 23, 2013 an agreement of intent was signed between World Wines and the Luxembourg-registered Beaufort Investissements SA Corporation for the purchase of the shares.
On May 10 the same year, the Luxembourg-based company made a first payment of 10 million 355 thousand manats. Registered on 31 March 2009 in Luxembourg, JSC Beaufort Investissements SA has Azerbaijani roots, as the register of business entities of the country (http://opencorporates.com/companies/lu/B145413) includes a few names from Azerbaijan, regarding the company.
In April of the same year the bank's other shareholders sold 11.58% (7,500) of their 25% stake. 10% was owned by the company Kazimir Caspian Fund Limited and 15% - by Etibar Aliyev. --17D-
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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