Police in Azerbaijan arrested several former high-ranking officials of the International Bank of Azerbaijan (IBAR) and business people for failing to pay off loans they borrowed from the state-owned bank.
The arrestees include Ilqar Abdullayev, former head of the central office of IBAR; Kanan Orucov, former director of IBAR’s Transportation branch; Ibrahim Huseynov, head of Inter Security, a private agency IBAR used to ensure the security of its administrative buildings; Arif Hasanov, head of the advisory board of Azarinsaatservis MMC, among others.
The men were detained by the anti-terrorism unit of the Ministry of Interior.
Police had earlier detained several other prominent business people, including Haci Ibrahim Nehramli, a real estate developer who promised to build the world’s tallest building in Azerbaijan, on the same charges.
IBAR, Azerbaijan’s largest lender, is 50.2 percent owned by the state.
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