Accounting Chamber finds irregularities in Azerenergy financial statement

As APA reports, the company signed agreement with contractors for construction of multi-fuelled power stations and Sumgait stream-gas turbine equipment without evaluating the materials, work and services, paid upfront while the construction was incomplete and violated approved standards and norms.

At the same time, despite secured loan was allocated for the construction works, Azerenergy paid insurance premium to Germany’s Hermes Insurance Company.

Azerenergy representatives said the advance payment was deferred to 2007.

The results of the audit will be reported to Azerenergy management and Milli Majlis.