Shareholders Sue the State Property Committee

Shareholders of Baku Repair and Construction, JSC, held a press conference in connection with the illegal actions of the State Property Committee.

JSC was established in 2005 and for seven years, there was no activity. The company has over two hundred shareholders, with 82% of the shares owned by JSC chairman Ahliman, and 18% owned by the rest of the shareholders.

Shareholders report, 1.5 hectares of Binagadi owned by the company was sold this year through an auction initiated by the State Property Committee.

According to shareholder Vugar Ismayilov, the Chairman of the State Property Committee wrote a letter refusing the privatization of the land. Because of this, the State Property Committee decided hold an auction for the sale of the site. The auction is scheduled for November 20 and 1.5 hectares of land will be put up for 59,000 manat.

Shareholders believe it is wrong for the owner of the largest block of shares to plot an auction without their approval.

Another shareholder Hafiz Babayev, considers this issue includes a noticeable corruption trail, because SPC has completed the process of privatization of medium, small and large businesses. "As a result of illegal actions of SPC, the shareholders property becomes property of other people, creating a conflict situation. Shareholders are forced to sell their shares for nothing," Babayev said. According to Babayev, the shareholders intend to appeal to the State Property Committee, demanding to display the land for sale. If this is not effective, the shareholders will go to court. -05C04-