Penalty Rate for Shareholder Right Breaches Rose by 72% in Azerbaijan
OREANDA-NEWS. January 19, 2010. The Committee informs that last year they received 215 complaints on the occasion of shareholder rights infringement by 354 joint-stock companies (JSCs) versus 226 complaints against 334 companies for 2008.
“If to compare the 2009 indicators with the 2008 figures, the number of complaints for the past year reduced by 4.9%, while quantity of JSCs to which complaints related grew by 6%,” the SSC said.
In 2009 volume and quantity of penalties increased much as well.
“For the past year penalty sanctions for AZN 69,700 were applied towards 268 JSCs versus AZN 41,576 towards 156 companies for 2008,” the Committee said.
Year-on-year penalty volume rose by 67.6% and number of the fined JSCs by 71.8%.
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