Azerbaijan introduces penalties for violations of rules of borrowing

Baku, Azerbaijan, Nov. 7

By Anvar Mammadov - Trend:

Azerbaijan will introduce punishment for violation of rules of external and internal borrowing. This is stipulated in the draft amendments to the Criminal Code of Azerbaijan, submitted for discussion in the Parliament .

Under the proposed amendments, if the internal or external borrowing of state legal entities taken without consent with the relevant executive authority caused significant damage to the state, a fine will be imposed in the amount of from one to three times of the amount of the inflicted damage, with deprivation of the right to occupy a certain position or engage in certain activities for three years, or restriction of liberty for up to two years, or imprisonment for a similar period.

In case similar actions result in damage in a large amount, a fine will be imposed in the amount of three to five times of the amount of the inflicted damage, with deprivation of the right to hold a certain position or to engage in certain activities for three years, or restriction of freedom for a period of two to four years, or imprisonment for a similar period.

The parliamentarians also debated the amendments to the Code of Administrative Offenses concerning violation of the rules of borrowing by officials.

In December 2016, President Ilham Aliyev signed a decree on the adoption of the "Rules of Internal and External Borrowings by Legal Entities in State Ownership."

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