"McDonald's Azerbaijan" fined for currency regulation violation
Akbar Novruz
Read more"McDonald's Azerbaijan" CJSC has been fined for violating currency regulation rules, Azernews reports.
The fine was issued under Article 430.4 of the Code of Administrative Offenses, which concerns the non-return of foreign currency sent abroad if the relevant goods are not imported, services are not rendered, or works are not performed. The Central Bank reported that the company sent foreign currency abroad as an advance payment for services that were never provided and did not return the currency to Azerbaijan.
Following this, the case was sent to the Baku Sabail District Court for review. In a hearing led by Judge Shahla Suleymanova, the court imposed an administrative penalty on "McDonald's Azerbaijan," resulting in a fine.
Under Azerbaijani law, violations of currency regulation rules can result in fines ranging from 10 to 20 percent of the involved currency funds for officials and from 20 to 30 percent for legal entities.
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