Baku / 20.0917 / Turan: Six foreign companies announced the liquidation of their branches and subsidiaries in Azerbaijan on September 20. All of them were established in 2013-2016, the Ministry of Taxes said.
The company Obermeyer Project Management GmbH" (Germany) opened a branch in Baku in 2013. A year earlier, it won a tender for the development of design estimates and consulting services for the management of construction works of the new administrative building of the State Property Committee. The value of the contracts amounted to 2 million 598.7 thousand manat (http://www.bizimyol.info/news/66715.html).
Another German company, Heidelberg Cement AG, opened its branch in Azerbaijan after signing an agreement on partnership with the largest Azerbaijani holding company. It received a 50% stake in the Gazakh cement plant of the construction and production corporation Accord. After this agreement, the authorized capital of the cement plant was brought up to 800 million manat. The reasons for the closure of the branch are not yet reported.
Closed also are Tech Offshore Marine Azerbaijan LLC, Tech Electrics and Automation Azerbaijan LLC, Compass Offices Management Azerbaijan Limited LLC and a subsidiary of Compass Development Holdings VII Limited. ------08D
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