Growing pressure on investors

Baku/23.01.14/Turan : In 2013 investors sent complaints to the State Committee for Securities on 456 joint-stock companies , which is 15.7 % higher than a year earlier.

According to the annual report , the SCS fined 546 violators of the investors' rights. This is approximately one third of joint stock companies in Azerbaijan. During the year the number of stock in respect of which penalties are applied , increased by 146 (36%). It is expected that this year the companies will increase the sensitivity to the rights of investors.

Since November 2013 the penalties for legal persons and officials, who violate the rights of investors, were repeatedly raised. Last year, the total size of administrative sanctions for these violations amounted to 179.8 thousand manats. Under the law, 10 % of this amount is transferred to the account of the SCS .

SCS analysis report shows that the requirement to provide annual reports by joint stock companies is fulfilled badly. Last year, annual reports were submitted to the SCS by 489 JSC, about as much as in the year 2012 (486). The State Committee analyzes the data for compliance with reality. At a later stage, these reports should be published in the media.

However, observations show that in 2012-2013, were published not more than 5-10 % of these reports. In many cases, these reports do not comply with the formal requirements of their composition . - 08B-