Azerbaijan inspects two banks: company directors arrested
Azerbaijan, Baku, Sept. 22 / Trend /
The directors of the Topagaj Ltd. and BAC Ltd. were arrested and inspections are udnderway in the Birlikbank bank, the Azerbaijani General Prosecutor's Office reported.
The General Prosecutor's Office is investigating materials in connection with defaults of the Birlikbank, which was selected as an authorized credit institution for issuing loans through the National Fund for Entrepreneurship Support at the Economic Development Ministry to finance investment projects of business entities. The bank failed to transfer 3,852,164 manat to the fund's corresponding account and violated the law in its activity. This was revealed during the monitoring of the expenditure of the allocated funds.
The central bank of Azerbaijan (CBA) carried out inspections of financial and economic activity of the Birlikbank for the period from Oct.25, 2004 to present in accordance with the Nasimi District Court's decision dated Sept.2, 2010.
The General Prosecutor's Office's Anti-Corruption Department filed a criminal case under article 308.1 of the Azerbaijani Criminal Code Feb. 16, 2010. The case was filed on wrong expenditure of loans obtained by the JSC Technikabank, as well as abuse of power by Tehnikaleasing Director Elkhan Najafguliyev .
The investigation revealed that Topagaj Ltd. Director Eldar Karimov received cash 900.000 manat on the basis of the loan agreement signed with the Texnikabank for the purchase of goods and materials on July 20, 2007. He used the funds not for the designed purposes and handed them to his friend Akif Aliyev, who is a close to the AMAY shopping center's management. Thus, Karimov mislead his obligations and caused damage to someone else's property.
The General Prosecutor's Office announced charges against Karimov under the Article 178.3.2. of the Azerbijani Criminal Code and the court made a decision on a preventive measure in the form of arrest on Aug.6, 2010.
In addition, on Nov.9, 2007, BAC Ltd. director Zakir Mammadov received cash 900.000 manat on the basis of the loan agreement dated Oct.19, 2007 signed with the Texnikabank for the purchase of goods and materials, which used not to carry out these obligations in the loan agreement. He gave the funds to his friend, A.M.A.Y Director Elshan Novruzov. Thus abusing the trust, Mammadov caused damage to someone else's property.
The General Prosecutor's Office announced charges against Mamadov under the Article 178.3.2. of the Azerbijani Criminal Code and the court made a decision on a preventive measure in the form of arrest on Sept.4,2010.
On Aug.10, AMAY Head Abdulla Abdullayev and Novruzov have been summoned to the General Prosecutor's Office's Anti-Corruption Department and were explained that the court decision against Karimov and Mammadov may be changed only after they compensate the damage caused.
August 10, 2010 Head of the shopping center "AMAY", and August 4-5 and September 3-4, the center's director Elshan Novruzov have been taken by the Office for Combating Corruption under the Prosecutor General's office and
The preliminary investigation of a criminal case under articles 178.3.2, 179.3.2 and 308.1 is underway. The legal assessment of the perpetrators' actions will be given following the investigation results.