LLC Gilan, the largest diversified holding in Azerbaijan for four failed with investment commitments at the sites of Baki Inshaat-2, which is created on the basis of former Baku house-building number 2. The company is linked to the economic crisis in 2008-2009.
Competition for the sale of 96.97% of shares (including 11.97% of shares subscription for the remainder of the 15% shares of the members of the workforce), located in the village of Darnagyul DSC, was held on August 1, 2008.
Contrary to the laws the results were not disclosed to the public by the State Committee on Property. The applicants are required to submit proposals and to transfer to the state budget at least 4.5 million manat and to provide the State Property Committee with at least 50,000 vouchers. The investor must make a commitment to repay within 90 days salary arrears in the amount of 231.5 thousand manat. Turan later found that the shares were sold to JSC Ltd. Gilan.
The company Gilan told Turan that in connection with the problems has been extended due date of investment commitments from 1.5 to 2.5 years. Members of personnel were unhappy with this decision, and contested it in court, but lost. A certain amount of the obligation (AZN 5 million) to the state budget was paid in parts. Fully paid were the salary arrears.
The company said that it planned to build a new concrete plant. The equipment required for this purchased. We can only carry out work on its installation.
* The share capital of Baki Inshaat-2 is 5 062.5 thousand manat. DSK number 2 was put into operation in 1960. The JSC covers 6.32 ha. The company has 377 employees.
Of the 521 members of the personnel of Baki Inshaat-2 the subscription was attended by only 340 people. Each of them was required to provide for repayment 72.25 privatization shares (1 share - 4 checks). A total of 30,404 checks were represented. They purchased 76,597 shares from the 379,692 shares offered for sale, or 3.03%. The nominal value per share was 2 AZN. - 08B-
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