Azerbaijani Chamber of Accounts Unveils Shortcomings in "AzerIstilik Tadjkhizat" JV

Business Materials 24 April 2007 16:17 (UTC +04:00)

Azerbaijan, Baku/ Trend , corr. S. Babayeva/ The Azerbaijani Chamber of Accounts recently conducted an audit at "AzerIstilik Tadjkhizat" JSC. The objective of the checkup was to define the use of the funds allotted from the State Budget on the provision "Industrial and Construction Expenditures for 2005-2006", a source at the Chamber of Accounts says.

During the audit, employees of the chamber revealed that no budget had been compiled at the Joint-Stock Company for 2005-2006 and regulations of the "Bill on State Purchases" at organizing and holding tenders were not observed. In addition, it was revealed that a part of funds allotted for construction, repair and overhaul were redirected to purchasing machinery, different kinds of mechanisms and equipment.

The results of the audit were discussed with the participation of "AzerIstilik Tadjkhizat" JSC, and the decisions made by the collegiums of the meeting have been sent to the Finance Ministry and the Joint-Venture itself.