Board of JSC "AZNAR" named after Teymur Akhmedov published on November 7-8, new information on the reorganization of the company, which are clearly different from previously published reports on this fact. Small shareholders argue that the owner of 99.9% of shares, Farhad Akhmedov, a Russian businessman of Azerbaijani origin, made this falsification because the decision was not in line with the law.
Shareholder Shahin Alizadeh told Turan, that he met on the incident with the chairman of the State Committee on Securities and asked him to protect Azerbaijani investors from illegal actions of the Russian billionaire who can not tolerate the presence of small shareholders.
According to Alizadeh, the general meeting adopted a decision to separate the newly created "AzNarSharab", with a registered capital of 30,000 manat, from the JSC "AZNAR" . In a new legal entity with 53.7% share again dominated Farhad Akhmedov. According to the decision, he is the only shareholder in ZAO "AZNAR" named after Akhmedov with a registered capital of about 30 million manat. "After the sensational press revelatory articles, and understanding that this decision is contrary to Azerbaijani law, Farhad Akhmedov decided to go another way. This time, it was announced that the JSC "AZNAR" will be transformed into JSC "AzNarSharab". Will the JSC separate from the same name JSC(?) ".
Shareholders are going to challenge the rigged, in their view, minutes of the general meeting of shareholders of JSC "AZNAR" named after Teymur Akhmedov. --08B--
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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