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 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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