International audit on Azerbaijani processing centre finished
Azerbaijan, Baku, March 10 / Trend , I.Khalilova/
The international audit company Baker & Tilly finished audit on results of Milli Kart Limited Liability Company's (LLC) activity in 2007 and 2008, the processing centre's Executive Director Jalal Orujov said on March 10.
"We have received a draft report and Baker & Tilly will submit a final report on auditing in two weeks," Orujov said.
At present 90 percent of Milli Kart's juridical examination has been fulfilled by the Azerbaijani OMNI company, he said.
"When the company submits amendments to Milli Kart's regulations, we will coordinate them with founders and then a final version will be submitted to the Justice Ministry," Orujov said. "Coordination process can finish by late April - early May."
Changing the regulations is a key term of a deal with the European Bank for Reconstruction and Development (EBRD) to sell stakes. Milli Kart's recapitalization will begin only after amending the regulations. When the EBRD joins founders of the processing centre, its authorized capital may be upped.
[The EBRD signed a contract with Milli Kart to purchase 10-percent stakes of the centre.]
The centre's capitalization will end in the second quarter of 2009. It is planned to up the capital to 5 million manats from the current four million manats.
Milli Kart's acting founders can recapitalize their package to avoid decreasing their shares in capital. But the centre's head refused to make banks' plans public.
The LLC was founded on July 14 in 2006 after the country's 18 business banks purchased the processing centre from the National Bank of Azerbaijan.
At present a minimum size of banks' stakes in the centre amounts to one percent and maximum - 10 percent.
The centre's founders are Atabank, Azerdemiryolbank, AzerTurkbank, Bank of Baku, Azerbaijan Senayye Bankasi, Debutbank, Amrahbank, Xalq Bank, Credo Bank, Access Bank, ParaBank, RabitaBank, Bank Respublika, Bank Standard, Texnika Bank, Turan Bank, UniBank and Zamin Bank.
On March 10, the official exchange rate is 0.8048 manat to $1.
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