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-