The process of land privatization corporations accelerated

State Committee for Property Affairs (SCPA) speeds up the process of privatization of land located at 100% privatized public companies.

Minority shareholders believe that this is the result of collusion of the majority with officials in SCPA to remove their right to ownership of land area.

Only last month announced three auctions for the sale of land under privatized JSC. The last auction was for 212 acres of land Zerif Mahud created in 1997 on the basis of the Baku fine-fabric mill. The holder of a small stake of JSC Shamsaddin Allahverdiyev told Turan the first since 1997 general meeting of shareholders was held in December of this year and it was decided to refuse of the privatization of land. The next week SPC announced the sale of land from the auction. "Once the land is sold to third parties, the joint stock company, whose property is destroyed over the years, will be virtually "in the air." The initial cost of 212.3 acres of land of Zerif Mahud is estimated at 263,100 manats (1,240 manats per 1 sq.m.). Realtors say that an acre of land in the area (village Keshlya of Baku), is at least 20,000 manat.

Minority shareholders believe that the expansion of privatization of land under privatized JSC by others can have negative consequences. They believe that this first blow to the image of the stock market and affect the prospects of the capital market.

According to the law of JSC "On privatization of state property" (2000), shares of a JSC and the earth under it are sold separately. The company has a preferential right to privatize the land. If it rejects it, then it reserves the right to lease the land. In case of failure, the land is exposed to an auction at its initial value. - 08B-