Supervisory Board Approved Arrangements Schedule of Azerbaijani Investment Company for 2007

Business Materials 5 March 2007 19:33

Azerbaijan, Baku / Trend , corr I. Khalilova / Anar Akhundof , the Chief Executive of the Azerbaijan Investment Company (AIC), reported that the Supervisory Board approved the activity totals of the AIC for 2006 as well as its budget and schedule for 2007.

The Board found the AIC 2006 activity to be satisfactory.

One of the 4th leading auditing companies in the world is to be appointed to audit the AIC activity in the third quarter of the year and audit the activity of the AIC for 2006-2007.

The management office of the AIC is to prepare a report on the auditing commission, which is to be founded in order to provide additional transparency in the activity of the Investment Company.

According to Akhundov, the auditing commission is to exercise control along with the auditing company.

The arrangement schedule includes presentation ceremonies and meetings with the entrepreneurs according to the branch and regional principles. The activity directed on the co-operation with the international organizations is to be put into action.

The Supervisory Board approved the admission of the AIC to the European Private Equity and Venture Capital Association (EVCA ) and to the Emerging Markets Private Equity Association - EMPEA).

The Board also got to understand the projects which the AIC is to implement; the construction of a milk plant (Milk Pro), a petrochemical complex, a cement plant (Lafarge), an oil terminal, an insulin producing plant, shipping company and etc.