Information on company founders to be confidential
Information about the founders of companies will be considered confidential in Azerbaijan, according to legislative amendments passed on Tuesday.
The amended law on trade secrets envisions that information about the founders of businesses and their shares in the companies` capital stock will not be divulged.
In his remarks, MP Asim Mollazada objected to the amendments, saying they would negatively affect the fight against corruption and money laundering in the country. He argued there are no such provisions in the legislation of European countries.
MP Mubariz Gurbanli said Azerbaijan is an independent country which acts in line with its interests, adding, ``Amending the law will protect commercial entities from blackmail.``
He added that the amended legislation serves Azerbaijan`s economic interests, in particular, those of entrepreneurs.
Vice-Speaker Valeh Alasgarov noted that in other countries, a company provides information about its founders and their share only if it is represented in a stock exchange.
``If anyone breaks this law in European countries and disseminates information, criminal proceedings are instituted against this person,`` Alasgarov said.
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