Extraordinary Meeting of Bank Technique

The shareholders of JSC Bank Technique on December 4 will hold an extraordinary general meeting at the head office.

On the agenda, though not disclosed, it is evident that the Chairman of the Supervisory Board, Etibar Aliyev, who returned from unjustified detention and had his rights restored as the Chairman of the Supervisory Board, will seriously take up the human and financial policy.

JSC Bank Technique was created in 1994 and until the first quarter of 2012 (when the founder with 15% of shares was arrested) was not in difficulty. Then it was seized the business 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 private company World Wines, controlled by some Adil Mammadov. The report noted that on April 23, 2013 an agreement of intent was signed between the World Wines and the Luxembourg registered corporation Beaufort Investissements SA for the acquisition of shares of the bank. On May 10 the same year, the Luxembourg company made a first payment of 10 million 355 thousand manats. Registered 31 March 2009 in Luxembourg, Beaufort Investissements SA has Azerbaijani roots, as the register of business entities of the country (http://opencorporates.com/companies/lu/B145413) includes several names from Azerbaijan, regarding this 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-