Azerbaijan Appoints Deposit Insurance Fund As Liquidator Of Muganbank
Date
10/24/2023 9:36:05 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 24. Azerbaijan's
MuganBank OJSC has been announced bankrupt and its bankruptcy
process was launched following decision of the Baku Court of
Appeal, the Deposit Insurance Fund of Azerbaijan told Trend .
The fund said that it was appointed liquidator of the bank in
accordance with the above decision.
The license of MuganBank was revoked on October 19, 2023, by the
decision of the Central of Bank of Azerbaijan (CBA) Board dated
October 18, 2023, in accordance with Articles 16.1.6, 16.1.7,
16.1.9, 16.1.18, 57, and 61. 1 of the Law of the Republic of
Azerbaijan "On Banks" (the amount of total capital is less than the
minimum amount established by the legislation for banks, the ratio
of total capital adequacy is less than three percent, the bank does
not carry out its current activities in a reliable and prudent
manner, as well as due to inadequate internal management and
control procedures of the bank).
A temporary administrator has been appointed and an appeal to
the court on the liquidation of the bank due to its bankruptcy has
been prepared.
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