15:36 - 16.03.2018

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March 16, Fineko/abc.az. The General Prosecutor's Office of Azerbaijan in collaboration with the Financial Market Supervision Chamber and the Azerbaijan Deposit Insurance Fund (ADIF) continues the measures aimed at identifying and prosecuting officials who are guilty of corruption in the banking sector, as well as at compensating for the damage caused by them.

The GPO reports that the Main Anti-Corruption Department found evidence of financial fraud by Atrabank’s ex-chairman of board Elmikhan Nabiyev on the basis of materials received from ADIF.

"During the investigation, there were suspicions that Elmikhan Nabiyev violated the banking legislation in order to prevent the liquidation of the Bank and create the visibility of the required total capital, organized private enterprises with no activity, to which he gave 8,405 manats of illegal loans on not available actual funds. In addition, he had illegally given loans for AZN 809,000 for separate individuals," the GPO said.

The GPO sent the criminal case to the Baku Court of Serious Crimes for consideration. Elmikhan Nabiyev, suspected of large-scale embezzlement, is incriminated in accord with articles of the Criminal Code of Azerbaijan, 179.3.2 (large-scale embezzlement) and 308.2 (abuse of official powers that caused grave consequences).

The report says that the GPO Main Anti-Corruption Department is currently investigating financial frauds of officials of a number of banks (Bank Standard, ZaminBank, Bank of Azerbaijan, and GancaBank), which are in the process of liquidation and compensation of the damage caused by the perpetrators.

AtraBank has operated since 1992. On 27 January 2016 the Central Bank of Azerbaijan revoked the license of AtraBank.