Case against Jahangir Hajiyev Submitted to Court

The preliminary investigation on the case of the former chairman of OJSC International Bank of Azerbaijan Jahangir Hajiyev and seven other persons has been completed. On July 19 the indictment was approved by the General Prosecutor's Office, and the matter for consideration has been directed to the Baku Court of Grave Crimes, a law enforcement source told Turan.

Those involved in the case are accused under articles 179.3.1, 179.3.2 (embezzlement on a large scale by an organized group), 308.2 (abuse of power, resulting in grave consequences), 309.2 (abuse of power, resulting in grave crimes), 313 (official forgery), 228.1 and 228.4 (illegal storage and carrying of firearms).

Hajiyev resigned as head of IBA on 18 March 2015 "for health reasons". After this a number of former high-ranking officials and businessmen that received large loans from the bank were arrested. According to unofficial data, the amount of bad loans in IBA reached 6 billion USD. Hajiyev was also summoned for questioning, following the resignation of the Minister of National Security and his close relative Eldar Mahmudov on October 17. On December 5 Hajiyev was arrested. According to the lawyer for Hajiyev, he specifically was charged with misappropriation of 42 million AZN and he returned the bank's shares amounting to 80 million AZN to the state.  -06D--