The Executive Director of the State Oil Fund of Azerbaijan (SOFAR) Shahmar Movsumov became an independent member of the board of VTB Bank from Russia.
According to the press service of the financial structure, due to the fact that the State Oil Fund owns 2.95% of shares ($ 500 million) of VTB. The data were announced at yesterday's annual meeting. The controlling stake in the bank (60.93% or 15 billion Russian rubles) belongs to the Russian government. The value of a share is one kopeck.
Interesting changes took place in the composition of the shareholders - instead of the head of the U.S. investment fund TPG, David Bonderman, the first deputy head of the State Duma Administration, Mikhail Kopeikin was elected. The VTB head Andrei Kostin, the Managing Director of Nord Stream AG Matthias Warnig and the supervisory board chairman Sergey Dubinin saved their places in the board.
SOFAR with assets of $ 271 million was established in 1999. As of April 1 this year the fund's assets were $ 36 billion 618.4 million. - 17D-
Economics
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The weaknesses of strategic planning in the Azerbaijani land transport sector were revealed during a briefing on improving legislation, which was attended by representatives of the Azerbaijan Land Transport Agency (AYNA) and the Ministry of Digital Development and Transport.
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The Cabinet of Ministers of the Republic of Azerbaijan has made changes to the existing provisions regarding the approval of construction documentation and the service fees for construction. The amendments are guided by Article 119 of the Constitution of Azerbaijan and are aimed at simplifying processes related to construction permits and operations.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved a new procedure for the recruitment of medical personnel to medical institutions included in the state healthcare system. The decision, which comes into force on January 1, 2025, aims to enhance the implementation of compulsory health insurance in the country.
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