Shareholders demand fair compensation

The liquidation process of Baki Qushchuluq stalled. Adopted by the liquidation balance sheet , but the minority shareholders sued over its illegal and unjust treatment to them. Today, one of the shareholders held a press conference in which the majority shareholder has been accused of trying to cover their tracks.

Shareholder Shahin Alizadeh said that in September 2011 it was decided the general meeting of shareholders on the Elimination of Baki Qushchuluq. However, before that, in August of the same year , the leadership of the company has entered into an agreement for the sale of 30 acres of land , LLC AAAF-Inshaat, a construction company at the Weightlifting Federation of Azerbaijan ( FTAA ) . The liquidation committee had intended to complete the process with minority shareholders who owned while 7 % of the shares on a quick pace. But shareholders were unhappy with deliberately undervalued contract of sale of land. The contract was issued at the price of 3,000 manats per 1 sq. m., while the company AAAF-Inshaat was to sell it for 15,000. manats. In these conditions , according to Shahin Alizadeh, a compromise in the lawsuit may or may provide minority shareholders of the relevant land or fair compensation. According to the shareholders, AZN 12 liquidation value of the shares at face value of AZN 2 , is not fair. However , a number of shareholders have taken exhausted their shares at this price, and today the majority shareholder - LLC Khazar Management Systems - already struggling owners of about 2% of the shares.

Alizadeh suggests that for the majority is the head of the International Bank of Azerbaijan Jahangir Hajiyev, who is going in the process to put them face to face with the president of the FTAA Jahangir Askerov . The court imposed a ban on the conclusion of "Baki Qusculuq" from the state register of legal entities and the phasing out of its shares. "If the higher courts reconsider this decision , the minority shareholders will bring to court as a defendant LLC AAAF-Inshaat, and require them to repair the damage," said the shareholder. - 08B -