Fines for violations of shareholders' rights up in Azerbaijan

Business Materials 15 January 2010 15:56 (UTC +04:00)

Azerbaijan, Baku, Jan. 15. / Trend N. Ismayilova /

In Azerbaijan, the total amount of fines for violations of the shareholders' rights increased by 67.6 percent and their number - 71.8 percent in 2009, compared to same period of 2008, the Azerbaijani State Securities Committee reported.

The State Committee has received 215 applications and 19 appeals in this period

Complaints on violations of the investors' rights in respect of 354 joint stock companies, compared to the 334 joint stock companies in the same period of 2008

The committee filed 268 sanctions worth 69.700 manat against violators compared to 156 fines worth 41.576 manat in 2008. The committee issued 153 demands with obligatory fulfillment towards joint stock companies compared to 46 in 2008.

Along with this, the number of shareholders, providing annual reports, reduced by 15.8 percent to 460

On Jan. 15, the official exchange rate is 0.8030 manat to $1.

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