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Head of Azerbaijan's largest metallurgical company accused of fraud

Business and Finance / Digest

The head of the Baku Steel Company was imprisoned for 4 months by the court on charges of fraud and abuse.

Head of Azerbaijan's largest metallurgical company accused of fraud

The Sabail District Court of Azerbaijan has chosen a preventive measure Rasim Mammadov, head of the country's largest metallurgical company, Baku Steel Company, who was arrested last week, in the form of detention.

Thus, the court satisfied the presentation of the prosecutors against Mamedov by arresting him for 4 months (for the period of the investigation).

Mammadov was charged under Articles 178.4 (“Fraud, causing large-scale damage”), 179.4 (“Misappropriation, causing damage on an especially large scale”) and 308.2 (“Abuse of official powers”) of the Criminal Code of the Republic of Azerbaijan.

At the end of last year, Baku Steel Company warned buyers of metal products about possible fraud. The company asked all buyers to be vigilant when purchasing construction fittings allegedly of its production.

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