2024-07-19 01:52:39
A few days ago we found out that the Bank of Georgia, considered the leading bank of the neighboring Republic of Georgia, took an active part in financing the non-governmental organization “The Union for Protection of the Interests and Rights of the “Arsakh” people”, created under the leadership of Karabakh separatists.
As reported by Day.Az, the mission of the creation of this organization is to protect the collective rights of Karabakh Armenians who continue to live as “displaced persons” in Armenia and around the world, to represent their interests on international platforms, and to revive separatism by drawing the world’s attention to the problems of Karabakh Armenians.
The organization is financed through donations from citizens, and this process is carried out through “AMERIABANK”, which operates in Armenia. While 90 percent of the shares of “AMERIABANK”, which provides funding for the newly launched separatist activities, belong to the leading bank of the Republic of Georgia – Bank of Georgia, the remaining 10 percent of the shares belong to the European Bank for Reconstruction and Development (EBRD).
Number of AMERIABANK shares owned by the European Bank for Reconstruction and Development
Purchase of shares in AMERIABANK by the European Bank for Reconstruction and Development, 2015
The first talks on the purchase of shares between “AMERIABANK” and the European Bank for Reconstruction and Development began in 2015. In December of that year, the EBRD acquired 20.6 percent of “AMERIABANK” shares in exchange for an investment of 40 million US dollars. Although “AMERIABANK” had long been owned by the Armenian billionaire Ruben Vardanyan, who lived in the Russian Federation, the sale of the bank’s shares took place in February of this year.
For reference, before the change of shareholders, 48.82 percent of the bank’s shares belonged to “Imast Group (CY) Limited”, 17.71 percent to the EBRD, 13.91 percent to the Asian Development Bank (ADB) and 12.05 percent to ESPS Holding Limited. Although the EBRD’s shares have decreased since the change that took place earlier this year, it is clear that the said bank continues to maintain its position as a shareholder.
Cooperation between the London-based EBRD and the Republic of Azerbaijan began in 1992 and bilateral cooperation is currently governed by the Country Strategy document for 2019-2024.
The EBRD has extensive cooperation with Azerbaijan, taking direct part in financing projects in the energy and other sectors considered strategic, and the bank’s involvement in a project aimed (even indirectly) at reviving Armenian separatism is unacceptable.
The European Bank for Reconstruction and Development is an international financial institution that is officially committed to promoting integrity and high ethical standards in all business transactions in accordance with international practice. The EBRD’s Office of the Chief Compliance is responsible for investigating allegations of corruption, money laundering and fraud and for addressing these issues.
The participation of “AMERIABANK”, of which the EBRD is a shareholder, in financing separatist activities that lay claim to the sovereign territories of Azerbaijan is an international crime. Also, this activity of the said bank is a violation of international compliance rules. Taking into account corporate business ethics and international financial principles accepted in the world, the participation of the European Bank for Reconstruction and Development in financing a project formulated against the territorial integrity of Azerbaijan is unacceptable.
We hope that this step, which is incompatible with the spirit of the strategic relations established between the Republic of Azerbaijan and the European Bank for Reconstruction and Development, will soon be eliminated by the Bank’s General Compliance Office.
The first talks on the purchase of shares between “AMERIABANK” and the European Bank for Reconstruction and Development began in 2015. In December of that year, the EBRD acquired 20.6 percent of “AMERIABANK” shares in exchange for an investment of 40 million US dollars. Although “AMERIABANK” had long been owned by the Armenian billionaire Ruben Vardanyan, who lived in the Russian Federation, the sale of the bank’s shares took place in February of this year.
For reference, before the change of shareholders, 48.82 percent of the bank’s shares belonged to “Imast Group (CY) Limited”, 17.71 percent to the EBRD, 13.91 percent to the Asian Development Bank (ADB) and 12.05 percent to ESPS Holding Limited. Although the EBRD’s shares have decreased since the change that took place earlier this year, it is clear that the said bank continues to maintain its position as a shareholder.
Cooperation between the London-based EBRD and the Republic of Azerbaijan began in 1992 and bilateral cooperation is currently governed by the Country Strategy document for 2019-2024.
The EBRD has extensive cooperation with Azerbaijan, taking direct part in financing projects in the energy and other sectors considered strategic, and the bank’s involvement in a project aimed (even indirectly) at reviving Armenian separatism is unacceptable.
The European Bank for Reconstruction and Development is an international financial institution that is officially committed to promoting integrity and high ethical standards in all business transactions in accordance with international practice. The EBRD’s Office of the Chief Compliance is responsible for investigating allegations of corruption, money laundering and fraud and for addressing these issues.
The participation of “AMERIABANK”, of which the EBRD is a shareholder, in financing separatist activities that lay claim to the sovereign territories of Azerbaijan is an international crime. Also, this activity of the said bank is a violation of international compliance rules. Taking into account corporate business ethics and international financial principles accepted in the world, the participation of the European Bank for Reconstruction and Development in financing a project formulated against the territorial integrity of Azerbaijan is unacceptable.
We hope that this step, which is incompatible with the spirit of the strategic relations established between the Republic of Azerbaijan and the European Bank for Reconstruction and Development, will soon be eliminated by the Bank’s General Compliance Office.
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