Shareholders complaining

The State Committee on Securities (SCS) has received 147 complaints on 264 joint stock companies. Following an audit, legal violations have been discovered in 141 of them, the SCS chairman Heydar Babayev told journalists Saturday.

According to him, 20 JSCs have been fined a total of AZM26,125,000. Most of the grievances concern the non-payment of dividends by privatized enterprises. Mr. Babayev thinks such complaints will increase as securities market expands.*