December 5, 2015 / 8:59 PM / 2 years ago

Azerbaijan arrests former head of the biggest bank

BAKU, Dec 5 (Reuters) - 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,.

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

Though the finance ministry holds a 51 percent share in the bank, Azeri President Ilham Aliyev has ordered IBA's privatisation in line with advice from the International Monetary Fund. (Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Richard Balmforth)

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