Shares of Sumgait petrochemical enterprise departed from a Russian company to a bank with Russian capital

The controlling stake in Sumqayit Ashqarlar (Sumgait plant of additives) left the company Titan Petrochemical (Russia) to the Azerbaijan Investment and commercial bank with Russian capital NIKOIL Bank. This was a consequence of failure of credit to the tune of over 2.5 million manat, at which were secured 51% of the shares of Sumqayit Ashqarlar.

The loan was borrowed for the modernization of existing facilities in Sumgait plant additives and has been used for other purposes. However, due to subjective reasons, the company failed to carry out production activities that pay off your credit obligations on time. In particular, the obstacles were placed in obtaining local raw materials (technical kerosene).

The company Titan Petrochemical acquired a controlling stake in Sumqayit Ashqarlar on the secondary market in 2004 and, according to rumors, it had warm relationship with the disgraced ex-Minister of Economic Development Farhad Aliyev. It is noteworthy that 42.8% of shares of Sumqayit Ashqarlar over the years have changed the holder at least three times. These shares are reportedly controlled by the State Committee on Property of Azerbaijan. Approximately 6% of the remaining shares are distributed between 280 minority shareholders.

CBI of NIKOIL Bank also owns 91.68% of shares in JSC Savalan (has 250 shareholders). Two years ago, the bank planned to build on its area of ??9 hectares a residential complex with investments of the local business community. However, this idea was not implemented for reasons unknown.

Shareholders of NIKOIL Bank are LLC Topaz Investments - 56.38%, JSC NIKoil - 28.7449%, Ltd. Uralsib-Invest - 13.87% and LLC ISR Holding - 1%. - 08B-