Former head of Zaminbank arrested for embezzling large sums of money
By Ayya Lmahamad
A court in Baku’s Binagadi district has taken a measure of restraint in the form of arrest for 4 months against former head of the now-defunct Zaminbak Nadir Ismailov, the Prosecutor General Office’s press service reported on July 7.
Ismailov, the former chairman of the bank's Supervisory Board is charged under articles 308.2 (abuse of power), 179.3.2 (large-scale embezzlement), 178.3.2 (large-scale fraud) and 320.2 (use of false documents) of the Criminal Code of Azerbaijan
The investigation launched by the Main Anti-Corruption Department under the Prosecutor General's Office, has revealed that Ismailov used various corruption schemes during his tenure and with the help of other bank officials appropriated over AZN 16 million ($9.4M) of the bank's loans issued in the names of 16 legal entities and individuals.
Moreover, investigation revealed that Ismailov, deliberately using a fake document, embezzled AZN 145,000 ($85,294) belonging to former director of the bank’s Baku branch Elshan Shirinov.
It should be noted that seven criminal cases were initiated against 11 people at the Main Anti-Corruption Department in connection with illegal actions of Zaminbank officials. Compensation of damage at the rate of AZN 18 million ($10.6M) has been provided.
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