At the plenary meeting on 6 May the Milli Majlis will consider tougher penalties for willful and false bankruptcy.
According to the parliamentary press service, the bill changes relate to the Code of Administrative Offences. Judging by the current edition of the Code, false bankruptcy is punishable by a fine for officials from 1,000 to 2,000 manat, and for legal entities - from 10,000 to 20,000 manat.
If the amendments are approved, a falsely declared insolvency by a manager or owner of a commercial organization, as well as an individual entrepreneur in order to mislead the creditors and defer or evade the repayments of debts, will be punished by a fine equivalent to twice or four times the amount of the damage caused as a result of the administrative offense. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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