Nearly 11 Million AZN Stolen in One Bank Only

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-

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