State-run company failed to follow rules


July 10, Fineko/abc.az. The Accounts Chamber of Azerbaijan has conducted an audit of activities of Azerbaijan Investment Company (AIC).

ABC.AZ informs with reference to news agency Report that the news was reported from the Chamber.

The audit has shown that AIC did not always follow the criteria of competitiveness of the companies in which it invested, and a number of those companies were operating at a loss.

Besides, the audit established that such criteria as the commercial efficiency of investing in the authorized capital of commercial organizations, operating or newly established state companies, the competitiveness of their services in the field of activity when choosing investment objects, the presence of a strategic investor who provides a high level of organization of their activities and has sufficient experience in this field of activity were not fully met.