In Azerbaijan Violation of Rights of Investors Increased Significantly
State Committee on Securities Statistics revealed violations of the rights of investors in Azerbaijan for the first quarter of 2013, according to which the received complaints from 333 joint-stock companies, which is 2.3 times more than in the comparable period of 2012.
For violation of the rights of investors in Azerbaijan, there are symbolic penalties, which stimulate the negative relationship in local corporations.
In January-March, the SSC has received 96 complaints of violations of fundamental rights of the shareholders. The number of complaints compared to the same period last year doubled. Controlling the stock market state agency has imposed administrative fines 60 companies, 35% more than in the same period of 2012. The total amount of fines put 12 thousand manats, or 32% more than in 2012. It is noteworthy that the fines are imposed only to legal entities, not the decision-makers who are directly guilty of violating the rights of investors.
SSC has prepared a bill to increase penalties for violations of the requirements of legislation on the rights of investors and other matters of mutual relations on the securities market. However, the bill on amendments to the Code of Administrative Offences (CAP) are still not enrolled in the parliament, but in the three years of preparation of this document to the CAP was made no less than 100 amendments.
Investors in Azerbaijan are increasingly turning to the courts for protection of their rights. It is much more productive than the complaint to the SSC, the shareholders claim. - 08B -
-
- Economics
- 17 April 2013 14:35
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review