JSC Ipek Yolu Sigorta Deceives Financial Markets Control House

JSC Ipek Yolu Sigorta has made the electronic publication of the annual management report. In it, as opposed to the legislation (Regulations of requirements for management reports of the issuer) it did not provide information about the company representatives and their equity participation.

It is interesting that on 9 May the insurance company in the same publication submitted an annual financial report. This report stated that each of the sisters Alasgarov - Jamila and Malahat owns 38.7% shares, 19% is owned by Silk Way Airlines and 3.6% by AZAL. Currently, this information is removed from the MEAS. According to the rules, the information entered into the system should not be withdrawn from the system, at least for five years. The Rules (http://scs.gov.az/uploads/pdf/s883t00x191h5aoz37th.pdf) also point out that the first report is submitted to the Financial Markets Control House (FMCH). FMCH controls the completeness of the information that can be disclosed only in the absence of complaints.

The annual management report of Ipek Yolu Sigorta JSC indicates that it is included in Silk Way Group LLC, and there is no such entity.

Jamila and Malahat Asgarov are the daughters of the President of AZAL Jahanghir Asgarov. 60% stake in the airline Silk Way belongs to LLC SW Holding, and the remaining 40% to International Handling Company Limited (Virgin Islands, British).  ---- 08B