Check-up at enterprises of Azpetrol revealed violations of law, Taxes Ministry

Business Materials 23 December 2005 15:43 (UTC +04:00)

The Azerbaijani Taxes Ministry conducts field tax check-up at Azpetrol Oil Company, Azpetrol Ltd, Azertrans Ltd to determine the norms of the adherence to the legislation on taxes and other compulsory payments, Trend reports referring to the press release spread by the Ministry.

The check-up revealed that in January 2001 Azpetrol Oil Company established Azertrans Ltd with $1m statutory capital. In October 2002 the statutory capital was increased up to 27.2bn manats through assignation. In July total-lot share, 171.6bn manats property and 206.2 hectares land were handed over to Netherlands Allied Meridian Oil & Gas Group B.V free of charge.

Besides, in February 2004 Azpetrol Oil Company and Turkish MilanGas (50%) founded A&D Ltd, in October 2004 - Azpetrol Ltd. In February 2005 the companies handed over $1.1m share (50%) at A&D and $3.9m share (100%) at Azpetrol Ltd to Allied Meridian Oil & Gas Group B.V free charge.

The check-up revealed violations of Civil Code, Law on state registration and register of legal entities. The Taxes Ministry filed a suit to the Economic Court in this regard.

The Ministry noted that the enterprises entering the Azpetrol group of companies continues their work in normal regime and the check-up did not have impact on their work.