The Case of the Metropolitan branch of JSC Royalbank directed to the Baku Court of Grave Crimes.
As stated in the General Directorate for Combating Corruption under the Prosecutor General of AR, the investigation implicated the head of Capital Anar Gashimov, accountant and cashier Khatira Aghayeva and Ilgar Ismayilov to financial abuse.
Thus, at various times they have been issued loans amounting to 71 thousand manats, $ 124.44 million and 180 thousand euros in the name of LLC Poliqrafist. On account of the same company, allegedly in order to acquire the equipment listed 1 million 668 thousand 682 manat, on account of LLC Royal Construction Technologies and Development - 100 thousand manats. In addition, the branch is taken from the cash register 64 939 manats.
As a result, all the funds (a total of 2 million 228 thousand 612 manats) did not get to the destination and were assigned to the said employees in respect of which a criminal case under articles 179.3.2 (embezzlement or misappropriation) and 308.2 (abuse of power) of the Criminal Code of AR.
Gashimov and Ismaiylov were arrested and in relation of Aghayeva a measure of restraint was selected. During the investigation, the bank repossessed 1 million 771 thousand 331 manats. - 17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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