Azerbaijan arrests former head of the biggest bank

December 5, 2015 8:59 PM

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BAKU Police have arrested a former head of Azerbaijan's biggest bank on suspicion of fraud and misappropriation of public funds, the interior ministry said 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 percent of banking assets in the oil-producing former Soviet republic,.

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