Taxes in the role of patron of the Russian billionaire

A group of shareholders of JSC "AzNar" named after Teymur Akhmedov , held a press conference and accused the Board of this structure of concealment of income and profits, and the Ministry of taxes of favoring it.

According to the shareholder Shahin Alizadeh, they are not offered financial reports over the last three years. "In 2009, the cost of production of fruit juices (pomegranate, apple, etc.) amounted to 2,898,632 manat. From the sale of products the Company received 1,700,953 manat. Enterprise losses totaled 1,439,781 manat. Loss-making activities of the company continues to this day.

It was announced at the general meeting 2012, that the losses over 2011 exceeded one million manat," said Alizadeh.

Shareholder Vizir Radjabov said that 90% of CJSC "AzNar" is exported. "In Russia, a bottle of pomegranate juice is sold at 8.32 in manat equivalent. Selling price of the product the company is 2.60 AZN. In this case the buyer is LLC "Grante", belonging to the shareholder of the control package of the JSC "AzNar", Farhad Akhmedov, a Russian billionaire of Azeri origin," said Radjabov.

By these actions, the board of JSC "AzNar", appointed by Akhmedov, is evading taxes (on income and dividends), and shareholders lose their dividends, he said.

The shareholders argue that, despite their repeated appeals, the Ministry of Taxes evades objective consideration of the complaint. In this regard, shareholders are going to apply to the Presidential Administration and to picket the Ministry of Taxes.

A shareholder Bashir Bayramov noted that, contrary to the statute Company, its board of directors refuses to shareholders to obtain annual financial statements before and after the general assembly. Therefore, the shareholders may not receive full information about the financial activity of the company.

The press service of the Ministry of Taxes told Turan, that the discontent of the shareholders with the activity of the structure will be investigated. --08C—

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