In March this year, the group of companies Synergy Group established another company. The private holding company has established more than 30 subsidiaries in the country and abroad for 5 years and by the beginning of last year it increased its assets to AZN 136 million due to some undisclosed sources.
According to the Ministry of Taxes, this time it set up LLC Synergy CSR, the authorized capital of which was initially invested 500 manat. The director of the company is Fahriyar Jabbarov, one of the six members of the board of the Group.
The press service of Synergy Group refused to name the scope of the newly-made company.
JSC Synergy Group was established in April 2010. The holder of 99% of its shares is Ashraf Kamilov. At the end of last year, the holding included Caspian Development Bank (formerly Kovsar Bank), whose capital was increased due to the new founder from 12 million to 50 million manat. According to the bank (http://cdbbank.az/wp-content/uploads/2015/03/2014.pdf), individuals own 99.9% of its shares.
Local media claim that the ultimate beneficiary of this group is members of the family of the President of Azerbaijan. ----08B
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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