There has been revealed another example of ineligible expenditure of funds granted through the National Fund for Entrepreneurship Support. The management of DemirBank “opened the eyes” after the theft of almost 11 million AZN provided by NFES under the Ministry of Economy and Industry of Azerbaijan.
According to the official information of the Office for Combating Corruption acting under the Attorney General, at the request of DemirBank an investigation into the crime has been launched.
“The subject of the investigation is misappropriation of 10,666,600 manat, which in 2006-2010 was provided to the bank by the Fund for concessional lending business projects of individuals and entities,” the statement reads.
The criminal case was filed under articles 179.3.2 (embezzlement on a large scale), 195.2 (illegal access to credit or its diversion), 308.2 (abuse of power with serious consequences). The investigation continues. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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