12:50 - 11.05.2022

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May 11, Fineko/abc.az. The Central Bank of Azerbaijan has sent a penalty report to the Nizami District Court in relation to CTC Holding LLC.

ABC.AZ reports that the financial markets regulator has drawn up a protocol under Article 430.4 of the Code of Administrative Offences in relation to CTC Holding LLC.

This article of the Administrative Code states a violation of the rules of currency regulation.

Thus, for non-return of foreign currency funds paid from abroad in cases when, in exchange for foreign currency funds paid in advance, the relevant goods were not imported, work was not done or services were not provided, a fine is imposed on legal entities in the amount of 20% to 30% of the amount of foreign currency funds that became the object of administrative offence.