Government is responsible for embezzlement in IBA, experts

The expert community has reacted critically to the representative of the Ministry of Finance that  under  Jangir Hajiyev from the International Bank of Azerbaijan were taken  outside the country about $ 5 billion.

Statement by the representatives of the  Ministry of Finance  came after Hajiyev  asked in the court  the prosecution  of the Minister of Finance Samir Sharifov, the agency which has approved the allocation of large loans in the Bank's Supervisory Board.

According to the expert Gubad Ibadoglu, the  statement   by the representative  of the Ministry of Finance shows that for  six years in Azerbaijan did not act the banking and financial supervision and monetary-customs control.

Performances of these functions  are  CBA, Ministry of Finance, State Customs Committee did not fulfill their basic obligations. Thus, in the largest  bank of  the South Caucasus  prosper embezzlement, has been  broken "the backbone" of the banking system.

When revealing such facts in democratic countries, the heads of bodies responsible for the financial and banking and currency control, would have  immediately  resigned, and would be brought to justice.

Five billion dollars, illegally exported country in those years, as well as unsecured loans for billions of AZN are one  of the reasons for the present  poor state of AZN, wrote  Ibadoghlu  on his page on facebook.

Another expert Samir Isayev also supported him. How could Supervisory Board (Ministry of Finance)for six years calmly watch for withdrawal from the country, he writes. The Supervisory Board has the same responsibility as Jahangir Hajiyev.

According to the deputy head of the Public Association for Assistance to Economic Initiatives Rovshan Agayev,  in the  IBA were stolen about 8 billion dollars, and it was done in two ways:

"Loans were issued on the names of the citizens of Azerbaijan (sometimes up to $50-60 million,) which are then used for private purposes. When the money is not returned, the loans were registered as a problem and hopeless.

 Another channel was offshore bank, where the bank's funds were taken through the purchase of promissory notes of these firms. Further, these funds were transferred to overseas accounts," said Agayev.

According to him, $ 8 billion were enough to finance the education sector in Azerbaijan for 7-8 years, or health care - 20 years, or spending on social protection - 5 years. Not only Jahangir Hajiyev is guilty for the lawlessness. All the heads of the financial system, and the government  are responsible.

PFPA leader Ali Kerimli said that the country's financial system  is subsided.

"Manat has been destroyed,  and is now joined to the respirator, to hide its death from the people. Termination of sale of dollars by banks will soon  lead to a shortage of imported goods, prices will rise even more,  and AZN will undergo a new devaluation. And all this happens in a country where  for a few years oil revenues totaled $135 billion dollars," Kerimli said. -03B06-