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IBA ex-chairman jailed for 15 years - UPDATED

IBA ex-chairman jailed for 15 years - <span style="color: red;">UPDATED

14 October 2016 11:21 (UTC +04:00)

Baku. Shahriyar Alizade – APA. Baku Court of Grave Crimes on Friday continued the hearing in the case of the former chairman of the board of the International Bank of Azerbaijan (IBA) Jahangir Hajiyev and seven people arrested alongside him.

Hajiyev has been sentenced to 15 years in prison according to the court’s verdict.

Under the verdict, former director of Baku Hazelnut Factory Azad Javadov, who is currently on bail, is sentenced to 10 years and 11 months in prison, former director of the banks’ central office Yusif Alakbarov to 7 years and 6 months, and former director of Inter Security LLC Ibrahim Huseynov to 6 years and 5 months.

Former director of the International Bank’s central office Anar Sultanov, former director of the bank’s transport office Kenan Orujov, former head of the bank’s central office Ilgar Abdullayev and former director of the Bank’s Narimanov office Mammad Jahangirov, who is the current chairman of AFB Bank, are sentenced to three years’ conditional imprisonment.

The verdict also demands that 63,800,000 manats be deducted from Jahangir Hajiyev to be paid to International Bank, and 7 million to Aqrokredit CJSC.

The former head of the International Bank of Azerbaijan Jahangir Hajiyev, the former heads of the bank’s central Anar Sultanov and Ilgar Abdullayev, the former director of Inter Security LLC Ibrahim Huseynov, the former head of the bank’s central office Yusif Alakbarov, the former head of the bank’s Transport Branch Kanan Orujov, the former head of the bank’s Narimanov branch Mammad Jahangirov and the former director of the Baku Hazelnut Factory Azad Javadov, who are involved in the case, faced charges under articles 179.3.1, 179.3.2 (embezzlement on a large scale by an organized group), 308.2 (abuse of power, resulting in grave consequences), 309.2 (abuse of power, resulting in grave crimes), 313 (official forgery), 228.1 and 228.4 (illegal storage and carrying of firearms).