Bankrupt bank in Azerbaijan appeals decision of Economic Court
Baku, Azerbaijan, Aug. 27
By Anvar Mammadov - Trend:
Eurobank JSC gave a notice of appeal against the decision of the Baku Administrative-Economic Court No.1 on August 10, 2015 on the declaration of the bank's bankruptcy, Azerbaijan International Consulting Company Ltd., responsible for the liquidation of the bank, told Trend August 27.
"At the moment the claim is under consideration of Baku Court of Appeal," the company said. "At the moment, it is quite difficult to say anything about the future fate of the bank."
The Court of Appeal told Trend that consideration of the claim by Eurobank is expected in October under the chairmanship of Judge Valeh Agayev.
The decision to revoke the license of Eurobank was made at the Board of the Central Bank of Azerbaijan (CBA) July 10, 2015. The decision came into force since July 16.
License of Eurobank was canceled due to the fact that the bank didn't eliminate shortcomings associated with the capitalization and other issues, despite indications of the CBA.
The central bank previously limited the bank's ability to attract deposits from the public, so the bank had no deposit portfolio at the moment of closing.
There are 43 banks in Azerbaijan, excluding two banks [Azerbaijan Credit Bank and Eurobank], licenses of which were revoked in July.
Edited by CN
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