In Sumgayit Administrative - Economic Court a trial began between one of the companies in the northern region of the country and a securities depository. Joint Stock Company does not agree with the financial claims of the National Depository Center (NDC).
JSC SB (fictitious) appealed to the NDC to provide the register of securities holders to organize a general meeting of shareholders. Depositary set in connection with this account. However, the company never agreed to this account, since it included not one-year period, but a few years.
"The demand for cash payments for services not rendered contrary to the law and we do not intend to pay this bill," Turan was told in the company .
According to the approved chairman of the State Securities Committee ( SSC) of the price list of NDC in the case of re -treatment , the issuer must pay a missed period , even if the services of safekeeping and maintaining a register of holders of the Central Bank was not provided .
The cost of services for safekeeping and maintaining a register of holders of the Central Bank is attracted to the par value of the securities and the higher it is, the greater NDC will charge for services. By the issuers located in Baku it is 0.05 % and in other regions - 0.03 % of the share capital. And this amount can not be less than 100 manats (in the regions - 50 manat) and above 10,000 manat (twice in the regions below).
Some issuers believe due to the fact that the NDC is not only a state-owned enterprise (100 % owned by SSC), but virtually the only depository of the Central Bank. The other depository (LLC Corporate Agency Trust) serves solely the International Bank of Azerbaijan. Therefore, the company has no alternative but NDC. - 08B -
Economics
-
Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
-
The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
-
Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
-
Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
Leave a review