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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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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