Fines for violations of investors' rights up in Azerbaijan
Azerbaijan, Baku, Sept.12. / Trend N. Ismayilova /
In Azerbaijan, the total number of fines for violations of the shareholders' rights increased by 83.5 percent in January-August 2009, compared to 88.6 percent in the same period of 2008, the State Securities Committee said on Sept.12.
During the report period, the State Committee has received complaints on violations of the investors' rights in respect of 299 joint stock companies, compared to the 288 joint stock companies in the same period of 2008. Besides, the committee received 158 applications, which is by 4.2 less compared to 2008 and 16 appeals (there was no appeals in the same period of 2008).
The committee filed 83 sanctions worth 17, 950 manat against violators compared to 44 fines worth 9, 780 manat in January-August 2008. The committee issued 147 demands with obligatory fulfillment towards joint stock companies compared to 42 in 2008.
Along with this, the number of shareholders, providing annual reports, reduced from 324 to 201.
On Sept.12, the official exchange rate is 0.8033 manat to $1.
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