11:29 - 16.06.2023

---

June 16, Fineko/abc.az. A cassation appeal against the decision in connection with Royal Bank Supervisory Board’s chairman Ali Jam and his son, the general director of the bank Fuad Jam, was considered.

ABC.AZ reports that the Supreme Court partially overturned the decision of the Baku Court of Appeal.

The case was returned to appeal for review of procedural issues on 14 episodes.

By the decision of the Board of the Central Bank of Azerbaijan dated July 13, 2012, the license issued by Royal Bank was canceled. According to the prosecution, Ali Jam and Fuad Jam, using their official position, appropriated and stole a large amount of other people's property entrusted to them. They committed official fraud by deliberately including false information in official documents. In order to hide the true source of receiving funds, they committed fraudulent financial transactions using these funds. Thus, they legalized and appropriated a large amount of money.