Today, a group of shareholders of Bakelektroqaynaq held a press conference, at which they accused the owners and management of Baku Steel Company of flagrant violation of the rights of shareholders. The last straw in the cup was a five-minute general meeting of shareholders on June 27, which did not even hear the opinion of the minority shareholders.
The shareholder Kamil Shukurov noted that the Chairman of the Board of Bakelektroqaynaq, also holding the position of Director General of Baku Steel Company, Suleyman Mammadov insulted the shareholders, without giving them a call to discuss the issues on the agenda. "This we regard as a form of pressure on the holders of small shareholdings in order to force them to sell their shares," said Shukurov, who spent 20 years in this business.
According to Shahin Alizadeh, since 2008, when Paolo Perviz was simply made to sell his shares in the economic way, LLC Baku Steel Company has been owned by the Russian businessman of Azeri origin, Aras Agalarov. "Shareholders have repeatedly appealed to Agalarov with the requirement to stop illegal activities. However, there was no reaction, which is aimed to reduce the number of shareholders," he said.
JSC Bakelektroqaynaq finished 2011 with a loss of 27,000 manat. The general losses are several times greater than that amount, Alizadeh said. Over 98% of the shares of Bakelektroqaynaq belong to Baku Steel Company, most of which was acquired through investment competition in 1998. In 2005 it was announced that the commitments were made on a competitive basis. However, instead of paying dividends to the shareholders, they issued a lease agreement, the annual amount of which (267,000 AZN) does not cover its expenses.
Alizadeh said that in 1997 the Ministry of Taxes in its inspection report recommended the parties to review the lease agreement in line with market requirements. However, in 2011 the contract was extended on the same conditions. The shareholders appealed to the Ministry of Taxes with the requirement to review the situation.
The shareholders also appealed to the State Committee on Securities to protect their rights. But no answer has been obtained yet. -08C-
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