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The license of MuganBank was revoked on October 19, 2023, by the decision of the Central of Bank of Azerbaijan (CBA) Board dated October 18, 2023, in accordance with Articles 16.1.6, 16.1.7,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.