State regulation of appraisers needed in Azerbaijan

Business Materials 28 November 2018 20:53 (UTC +04:00)

Baku, Azerbaijan, Nov. 28

By Taleh Mursagulov - Trend:

There is a serious need for state regulation of the appraisers' activities in Azerbaijan, Vugar Oruj, director of the assessment company Koneko Group and deputy chairman of the Society of Appraisers of Azerbaijan, told Trend on Nov. 28.

"Inexperienced appraisal companies damage the country's banking system. I believe there is a serious need for legal regulation in this area. The Society of Appraisers intends to work in this direction," Oruj said.

He added that the wrong choice of the appraisal companies by banks and citizens played a huge role in the current problem loans.

“In order to prevent unfair competition, we have created a registry of companies and specialists in this field,” Oruj said.

Orujov stressed that in Azerbaijan it is possible to encounter such assessment reports where international standards, procedures are not observed and serious mistakes are made.

"Despite that these companies do not have any experience or certificate in this area, they succeed in attracting customers as a result of support from certain structures," Oruj added.

He stressed that the Society of Appraisers needs state support.


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