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Azerbaijan finds shortcomings in 120 state-owned joint stock companies

10 November 2008 09:59 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. Azerbaijan State Property Management Committee found instances of unauthorized use of land of 140 companies and enterprises during the monitoring in January-October.
The committee processed financial reports submitted by 200 state-owned enterprises and about 405 joint stock companies with a government stake.
5 500 of statistical property reports were processed and inventory work was done to examine the current state of the property in 470 joint stock companies and 210 public companies.
75 privatized enterprises were monitored to verify their compliance with the terms of the contract and the authorized type of operation.
A number of shortcomings were found in 120 state-owned enterprises and joint stock companies with a government-owned stake.
The shortcomings included underestimation of dividends payable to the state budget, and illegal use and misuse of state property.