BAKU, Azerbaijan, November 2. The Azerbaijan Deposit Insurance Foundation has been appointed liquidator of MuganBank based on the decision of the Baku Court of Appeal, Trend reports.
The data of the fund shows that the license of Muğan Bank OJSC was revoked from October 19, 2023, by the decision of the board of the Central Bank of Azerbaijan (CBA) dated October 18, 2023, in accordance with Articles 16.1.6, 16.1.7,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 on the liquidation of the bank due to its bankruptcy was prepared.
MuganBank OJSC was declared bankrupt and bankruptcy proceedings were initiated by the decision of the Baku Court of Appeal No. 2-3(103)-54/2023 on October 24.
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