Azerbaijan arrests former head of the largest bank

BAKU Police have arrested a former head of Azerbaijan’s greatest bank on suspicion of fraud and misappropriation of public funds, the interior ministry stated on Saturday.

Jakhangir Gajiyev resigned earlier this year as the head of the International Bank of Azerbaijan (IBA), the only state-owned bank, accounting for 35 % of banking assets in the oil-generating former Soviet republic,.

A court in Baku ordered Gajiyev to be detained for three months, pending trial.

Although the finance ministry holds a 51 % share in the bank, Azeri President Ilham Aliyev has ordered IBA’s privatization in line with guidance from the International Monetary Fund.

(Reporting by Nailia Bagirova Writing by Margarita Antidze Editing by Richard Balmforth)