Azerbaijan Appoints Deposit Insurance Foundation As Liquidator Of Muganbank
Date
11/7/2023 3:10:05 PM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 7. The Azerbaijan
Deposit Insurance Foundation has been appointed liquidator of
MuganBank, the foundation told Trend.
The license of MuganBank OJSC was revoked on October 19, 2023,
by the decision of the board of the Central bank of Azerbaijan
(CBA) 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 law for banks; the total capital
adequacy ratio is less than three percent; the bank does not carry
out its current activities properly).
A temporary administrator was appointed, and an appeal to the
court was prepared regarding the bank's liquidation owing to
insolvency.
MuganBank was declared insolvent, and bankruptcy procedures were
begun on October 24 by Baku Court of Appeal judgment No. 2-3
(103)-54/2023.
"Based on the above-mentioned decision of the Baku Court of
Appeal, the Deposit Insurance Foundation was appointed liquidator
of MuganBank OJSC," said the statement.
Stay up-to-date with more news at Trend News
Agency's WhatsApp channel
MENAFN07112023000187011040ID1107389266
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.