An interim administration has been appointed to the insurance company Alfa Sigorta and the company Tekhnika Capital Management, whose shares are 100% owned by JSC Tekhnika Bank. The bankrupt is liquidated by Azerbaijan Deposit Insurance Fund (ADIF).
Reportedly, if prior to September an investor willing to buy out the business is not found, the activities of the mentioned bodies will be stopped. The very same Fund does not intend to manage their assets.
On February 4 this year JSC Tekhnika Bank was declared bankrupt, and since February 11 its depositors have been given the right to apply to the Deposit Insurance Fund for compensation. Since then, the Fund through authorized banks has paid its depositors 118 million 916 thousand AZN. --17D-
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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