Shareholders Do Not Agree with Auctioning of Land Area of Istilikenerjitikintiqurashdirma

"Putting on the 23 October auction the land area of Istilikenerjitikintiqurashdirma is contrary to the will of the shareholders and against the regulatory legal acts," the minority shareholder of the company Vazir Radjabov told Turan

According to him, the general meeting of shareholders has not considered the question of denial of privatization of the land area located in Baku at 32 Shirin Mirzoyev Street.

Under the law, the owner of shares of the company may acquire a land area used by the company. In case of failure of privatization, this land can be leased with the right of privatization. Only after the rejection of the lease the land area can be exposed to an open auction.

Radjabov said that this is not the first time in Azerbaijan that a land area is illegally auctioned by corporations. In almost all cases, the land was acquired by the controlling shareholder.

Radjabov told Turan that he intends to participate in the auction and is waiting for the support by the media, as he expects unlawful restrictions by the State Committee on Property.

In fact the State Committee has not commented on the auctioned land area of

Istilikenerjitikintiqurashdirma.

Note that on this land area there is an office building of the company, which previously was rented by the Tax Department of the Nizami district of Baku, and today is rented by Administrative Economic Court No 2 in Baku.

The land area of  ??566.5 square meters is valued at 7,025 manat. - 08B-