The former President of Azpetrol Holding Rafig Aliyev sold his stake in two packages at Bank of Baku. The transaction took place on the Baku Stock Exchange on December 25.
According to the BSE, on the stock exchange the deal was made in the amount of AZN 11,160,857 or at par value of shares - 15.55 manat. This represents 21.10% of the total shares of the bank.
Parties to the transaction were not disclosed. However, if we consider the structure of the shareholders, it turns out that such shareholding is owned by Rafig Aliyev, who, according to local media reports, is not in the country. He left Azerbaijan after his release from prison, where he spent 8 years and was released on pardon by President Ilham Aliyev. Rafig Aliyev personally had 10.22% of the shares and 9.89% through his ownership of LLC Azinvest.
The other shareholders, according to the annual audit report for 2013, are Ltd NAB Holding - 40%, Ltd. Azpetrol – 28.89% and Elchin Isayev - 10%.
The structure of shareholders of Bank of Baku is unknown. Contrary to the law, the bank does not disclose this information on the corporate website. --08B-
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