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The license of MuganBank OJSC was revoked on October 19, 2023, by the decision of the board of the Central Bank of Azerbaijan (CBA) dated October 18, 2023, in accordance with Articles 16.1.6, 16.1.7,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