An extraordinary general meeting of shareholders of OJSC International Bank of Azerbaijan (IBA) is scheduled for January 10. They will discuss the removal of Elmar Mammadov from the post of Chairman of the Board and the election of a new person to the position.
Elmar Mammadov was elected to the post in July 2015. On 9 December the first extraordinary meeting of the Supervisory Board dismissed him from the post of Chairman of the Board. The position of Acting Chairman of IBA was entrusted to Khalid Asadov.
In July 2015, the Government launched the IBA recovery with a view to its privatization. Toxic assets totaling AZN 5.6 billion were transferred to the management of the state-run JSC Non-bank Credit Organization Aqrarkredit. The bank received net cash in approximately the same amount from the state.
IBA has 1,774 shareholders, including 15 legal entities. The State represented by the Ministry of Finance owns 54.96% and CJSC Aqrarkredit owns 27.26% of its shares. ------08D
Economics
-
According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
-
The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
-
Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
-
Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
Leave a review