Shareholders of JSC AzNar Asked Former U.S. and Russian Ambassadors to Settle a Dispute with Billionaire

A group of shareholders of JSC AzNar on October 17 again held a press conference at which he was given the answer to the published charges against them on the part of the holder of 99.99% of the shares and the head of the company, the Russian billionaire Farhad Akhmedov.

Shareholder Shahin Alizadeh has denied all the accusations against minority shareholders, who allegedly blackmailed Akhmedov to sell the shares at 25 times the price of the nominal value (AZN 2). He drew parallels between the JSC Nortgaz where Akhmedov owns 49% of shares, and JSC AzNar. Akhmedov requires JSC Gazprom (which owns 51% of shares of Nortgaz) to buy its stake in the company to 329 times more expensive than the nominal.

The shareholders are at a loss of double standards of Mr Akhmedov, who angered the minority in Azerbaijan.

Shareholder Bashir Bayramov said that for five years Akhmedov blackmailed shareholders by raising administrative costs, selling finished products at low prices, gross violations of company law during the general meetings of shareholders, claims of finding 105 thousand manats with minorities, etc. .

Akhmedov statements that the 15-tikratnye issue of shares in ZAO "AzNar" passed without incident is not true. The fact is that on this occasion conducted numerous lawsuits. The State Committee for Securities registered the issue prospectus only at the second attempt, which was challenged by the shareholders in the court, "said Alizadeh.

At the press conference, it was stated that it was due to repeated issue their share in JSC was reduced by 15 times.

  Akhmedov in a statement did not respond to the main charge of shareholders of unlawful exile them from Goychay enterprise through the newly formed corporation in the Ismayilli area. Jurisdictions may not allow the establishment of a legal entity against the will of its founders. It is noteworthy that the regulatory authorities have not yet responded to such unlawful step Akhmedov.

For protection of the rights of minority shareholders appealed to the members of the Supervisory Board of AzNar Matthew Bryza and Vasily Istratov, the U.S. Ambassador to Azerbaijan and the Russian Federation, with a request that the agenda of the meeting of the National Assembly the issue of the settlement of the conflict between corporate chairman Farhad Akhmedov with 30 minorities. - 08C -