TODAY.AZ / Business

Ministry of Taxes revealed violations of law in “Azpetrol”

24 December 2005 [09:30] - TODAY.AZ
The mobile tax inspections conducted by the Ministry of Taxes in the “Azpetrol” Oil Company, “Azpetrol Ltd.”, “Azertrans Ltd.” Limited Liability companies (LLC) on fulfillment of the legislation on taxes and other mandatory payments are continued.
According to the information given to APA from the public affairs department of the Ministry of Taxes, it was revealed during the inspections that “Azeritrans Ltd.” LLC had been established by “Azpetrol” Oil Company LLC in January of 2001 with the regulations capital of 1,0 million manats, the regulations capital had reached 27,2 milliard manats by giving property in October 2002 and 100 % of shares, 171,6 milliard manats of property and 206,2 hectares of land area of the company had been gratuitously handed over to the “Allied Meridian Oil & Gas Group B.V.” company of the Kingdom of Netherlands in June 2004.

This company gratuitously handed over its 100 % shares in “Azertrans Ltd.” To another juridical person of the Kingdom of Netherlands “Azeri Oil Services Group B.V.” company in January 2005. Besides it, the “Azpetrol” Oil Company along with the “Milangaz LPG Daghitim and Senaye A.S.” Company of Turkey (50 %) established “A&D” LLC in February 2003 and “Azpetrol Ltd.” in October 2004, and gratuitously handed over its 50 % shares in “A&D” LLC amounting to $ 1,1 million and 100 % shares in “Azpetrol Ltd.” amounting to 3,9 milliard manats to the “Allied Meridian Oil & Gas Group B.V.” company of the Kingdom of Netherlands in a complete form in February 2005.

It was revealed during the inspections that in the result of changing of the shares and founders, $ 9,2 million of payment had been illegally carried out by “Azertrans LTD” LLC to the “Azpetrol Group B.V.” company of the Kingdom of Netherlands not having any shares in the company in a form of dividend on 11.07.2005. In general, $ 13,9 million or 66,0 milliard manats of dividend was paid from the profit to the founders registered in foreign states by the enterprises included in the “Azpetrol” Group of Companies.

When investigating the constituent documents of the enterprises mentioned above it was revealed that the items of the Bill “On state registration of juridical persons and state register” and Civil Code of the Republic of Azerbaijan had been violated during the registration, re-registration of the constituent documents and changes made to the constituent documents. In this connection the Ministry of Taxes appealed to the “Court of Economy on the issues originating from the international contracts” for the purpose of considering invalid the registration of the change made to the constituent documents and successive change of the registered facts and the suit was satisfied by the court.

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