An official of “Bank of Baku” fined

As part of the ongoing supervisory processes conducted by the Central Bank, an official of “Bank of Baku” OJSC has been fined 10,000 manats.
Yeniavaz.com reports that the Central Bank stated this.
According to the information, in connection with violations of the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism, an official of “Bank of Baku” OJSC was fined 10,000 manats by the Narimanov District Court of Baku under Article 598.1.1 of the Code of Administrative Offenses.
For information, “Bank of Baku” LLC (TIN – 1700038881), with authorized capital of 52 million 870 thousand manats, has been operating since 2005.
According to the latest official information released, 35% of the bank’s shares belong to “NAB Holding”, 31.11% to Hikmat Ismayilov, 28.89% to “Azpetrol Oil Company” LLC, and 5% to Elchin Isayev.
“NAB Holding” belongs to the Eromi family of South Azerbaijani origin living in Turkey. Currently, Behram Eromi is the Chairman of the Board of “NAB Holding”.
“NAB Holding” has had an extensive business network in Azerbaijan since 1994. “NAB Holding” is the main owner of companies such as “Bank of Baku”, “Baku Electronics”, “Gafgaz Leasing”, “Buta Insurance”, “Baku Service Company”, and “Auto Azerbaijan”. Although “Gafgaz Leasing” and “Buta Insurance” have ceased their operations, the other companies continue their activities. The Turkish press has reported that Behram Eromi, Chairman of the Board of “NAB Holding”, is the husband of the sister of Rza Zarrab, a well-known businessman of Iranian origin, and this information has not been denied to date.
Another major shareholder of “Bank of Baku”, Hikmat Ismayilov, is also the main shareholder of “AFB Bank” OJSC. Currently, 99.6% of the shares of “AFB Bank” OJSC belong to Hikmat Ismayilov.
It should be recalled that 99.6% of the shares of “AFB Bank” OJSC were once owned by “Gilan” LLC, headed by family members of former Emergency Situations Minister Kamaladdin Heydarov. In 2020, “Gilan” LLC sold all of its shares in the bank to Hikmat Abuzar oglu Ismayilov. Although the sale price of the shares was not disclosed, the transaction was reportedly worth approximately 70 million manats. Hikmat Ismayilov is also the 100% founder and owner of “AzSigorta” OJSC. Hikmat Ismayilov is also the legal representative of “CBS-PP” LLC, which has an authorized capital of 338,579 manats. One of the notable points concerning “CBS-PP” LLC, one of the country’s leading printing and publishing companies, is that this company only wins tenders held by the Ministry of Emergency Situations.
The media has also reported that Hikmat Ismayilov is the brother-in-law of Kamaladdin Heydarov, and this has not been denied to date.