State Offers Investors Market in Baku for Pennies

The State Committee on Property put 99.89% of the shares of 8-ci Km Ticaret Merkezi created on the basis of the current market № 4 in Baku on an investment contest. The company, which was estimated in the amount of over 1 million manat, is offered to investors at a "ridiculous" price - 312 000 manat.

Applicants must submit an investment program for the reconstruction of buildings and structures of the market, the arrangement of its territory, and opening new jobs. In the staff of the enterprise there are 40 people, who have purchased only 0.11% of the shares.

Note that this market has a long history of privatization. Acting since 1980, №4 Farmers Market in the village 8th Km in Baku was corporatized and privatized fully in 2000-2001. Its shareholders are hundreds of citizens.

In 2008, the State Property Committee’s decision on privatization and the results of the privatization of the shopping center were canceled by the courts. The state does not compensate for the losses of the owners of the shares, and in February 2008 LLC Ticaret Merkezi-4 was formed. This legal entity is directly subordinate to the State Property Committee. In August this year on the basis of this company 8-ci km Ticaret Merkezi was formed.

Some of the now former shareholders of the liquidated JSC Ticaret Merkezi-4 appealed to the European Court of Human Rights. However, no communication in this case has been launched. As a rule, at the sale of enterprises through investment competition in Azerbaijan the future owner is predetermined.

In 2000, the authorized capital of JSC Ticaret Merkezi-4 was 401,563 manat. The State Property Committee approved the capital of the new joint-stock company 8-ci Km Ticaret Merkezi at the level of 1 031 082 manat.  -08B-