"Space TV" Independent Television and Radio Company has commented on the information regarding the seizure of its accounts.
The media organization stated that the mentioned 140,313.06 US dollars debt arose as a result of non-performance of obligations related to a 235,000 US dollars credit line obtained from "Xalq Bank" JSC in 2021.
"The last payment to the bank was made on January 19, 2024.
All responsibility for the non-fulfillment of these obligations on time falls on Vado Korovin, who has been heading Space TV since February 2023.
The former director Vado Korovin and the then executive director Nariman Abdul-Aliyev applied a management model distant from the television management principles formed over many years instead of showing a professional approach to television management, as a result of which the channel was systematically weakened and operated under the influence of an unorganized and chaotic management approach instead of being developed as a professional media organization. This management caused a breach of financial discipline and a weakening of strategic development.
Furthermore, the channel's material and technical base was virtually paralyzed. Of the 24 service vehicles on the balance sheet, only 2 were operable; repairs and renewals of vehicles and technical equipment had not been carried out for years, studios were left unmaintained, and the channel’s technical infrastructure lagged behind modern television requirements.
Initial investigations are ongoing regarding financial and economic violations that took place during the mentioned periods. According to the results of the investigations, all legal measures provided by law will be taken," the channel said.
It was also brought to the public’s attention that the court decision is a temporary precautionary measure and, as stated in the decision itself, this measure does not impose any restrictions on the payment of salaries, taxes, social insurance, and other mandatory payments to the state budget. Space TV continues its normal operations:
"A large-scale reform program is currently underway at the channel. Within a short period, 15 vehicles have been fully repaired and brought back into operation, new studios have been built, modern shooting and broadcasting equipment have been purchased, a correspondent office has been established in Nakhchivan, new documentary and television films and special television programs have been prepared, and dozens of professional staff have been employed. At the same time, major repairs, landscaping, and greening work have been carried out in the channel's administrative building and courtyard, and modern LED systems and monitors have been installed."
It was noted that "Space TV" is currently completely reforming its programming policy. Starting from September, viewers will encounter new projects, new faces, and modern television products:
"Our goal is to make Space TV one of the country's leading television channels again, to eliminate the consequences of serious management mistakes made in the past period and to further strengthen viewer trust.
"Space TV" is confident that all financial and legal problems inherited from the previous period will be resolved within the framework of the law, and the reforms being conducted will ensure the channel’s development."