Fined 102 joint-stock companies
For the nine months of 2012 to the violation of shareholders' rights in the State Securities Committee (SSC) has received 174 written complaints.
As noted in the report on the activities of SSC, they indicate non-compliance with statutory requirements for shareholder rights in 276 joint stock companies. According to the report, the number of complaints is reduced, but this is not a sign of improvement.
As a result, checked were the facts of violation of the rights of shareholders in 102 JSCs, for which they applied administrative penalties totaling 20,750 manat. The requirements to be enforceable are aimed at 127 JSCs.
SSC does not provide a comparative dynamics of violations of shareholder rights in Azerbaijan. Analyzing last year's data, Turan found that the SSC was sent 286 complaints from 454 companies. The shareholders argue that the situation of Human shareholders in Azerbaijan deteriorated. However, they prefer to restore the rights of access to the courts, which is more effective.
The maximum size of penalties for violators of shareholder rights in Azerbaijan is 300 manat. In all cases, SSC uses them in the legal, rather than the official directly responsible for violations of the rights of shareholders. The shareholders argue that the move is aimed against SSC shareholders themselves, as the worsening financial condition of the company influences on dividends.
SSC has prepared draft amendments to the Code of Administrative Offences involving tougher penalties. However, the document may be in three years lost in the corridors of government. - 08B-
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- Photo sessions
- 14 November 2012 14:11
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- Economics
- 14 November 2012 15:02
Economics
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
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