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Reasons of sharp decline in Baku Olympic Stadiumâ€™s authorized capital announced

29 November 2017 07:50 (UTC +04:00)

Baku Olympic Stadium LLC has announced the reasons of sharp decline of authorized capital.

Chief accountant of the LLC Azer Aliyev told APA-Economics that the Stadium has faced financial difficulties over organization of the 4^th Islamic Solidarity Games and Karabakh FC’s matches.

‘Moreover, the Stadium has maintenance expenditures. To cover all these expenditures, our founder SOCAR had transferred the financial funds to the authorized capital. Now, SOCAR has withdrawn its funds from the authorized capital. This caused decline in the authorized capital. According to the legislation, the founder must make an announcement in Vergiler newspaper a month before decline or increase of authorized capital. The Ministry of Taxes waits whether creditors will or won’t have any claims. If they don’t have any claims, the authorized capital declines to AZN 1,000. Increase of the authorized capital depends on SOCAR’s decision’, Aliyev said.