Court annuls decision on arrest of number persons on case of the IBA

Baku’s Narimanov District Court has annulled the decision on the arrest of six persons on the case of the International Bank of Azerbaijan. Despite the fact that the decision was made on 2 December 2015, the information about it was disseminated on Feb.22, 2016, APA reports.

On 2 December 2015, the Narimanov District Court considered the petition filed by the prosecuting authority in connection with the annulment of the decision on the arrest of Mikayilov, according to the lawyer. “The court sustained the petition and Mikayilov was released on recognizance not to leave. A decision on the measure of restraint in the form of arrest against 5 others was also cancelled,” he added.  

Four of them are employees of the Khazar Management System Company.

Mikayilov is the CEO of the Khazar Management System Company. He is accused of taking AZN 80 mln credit from the International Bank of Azerbaijan and not repaying it. Mikayilov faces charges under article 178.3.2 (fraud with causing damage in the large size) of the Criminal Code.

A preventive measure was chosen against more than 30 persons who failed to repair their credit debts to the International Bank of Azerbaijan. 

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