In order to evaluate the assets of Bank Standard, which is being liquidated, Azerbaijan Deposit Insurance Fund (ADIF) has attracted the local KPMG office, the Fund reported.
KPMG has been invited to ensure transparency in the evaluation of Bank Standard’s assets.
Bank Standard was declared bankrupt on October 4, 2016. The liquidator of the bank is the Deposit Insurance Fund.
KPMG Azerbaijan is a member of KPMG Europe LLP (KPMG ELLP), which covers the practical advice of the audit services, taxes and laws of the CIS countries, Germany, England, Switzerland, Holland, Spain, Belgium, Turkey, Norway, Luxembourg and Saudi Arabia. ---D71
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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