Azerbaijan, Baku, 22 August/ Trend , I. Khalilova/ Baku Economic Court 1 has announced joint stock and investment Poctbank to be bankrupt and the process of bankruptcy has already begun. Akif Eminov has been appointed a liquidator of the bank.
Eminov said that Poctbank has been announced bankrupt in accordance of the appeal of National Bank of Azerbaijan and decision of the Board of Directors of NBA to withdraw Poctbank's license. In fact, Poctbank has not been operating since the early 2004. The court has confirmed Poctbank has pending debts as of 1 August 2003.
"It is impossible to say when bankruptcy procedures will end as it depends on the adjustments of debts of the bank," Eminov said.
The license of Poctbank granted on 3 December 1992, was canceled because of violations of the legislation and loss of paying capacity. Poctbank has not operated for already many years. The delay in withdrawing license was caused by the international legal proceedings on the case of Maltese FIM Bank where Azerbaijani bank figures.
A total of 20% of shares of Poctbank was held by the Kuwaiti Kuwati İnterests for Financial İnvestment (KİFİ) who was key founder of FIM Bank and its head is also head of FIM Bank. Because of big debts, Poct Bank borrowed a loan from FIM Bank in line with the certain documents on behalf of the Azerbaijani government. However, Poctbank submitted false documents which indicated purchase of equipment for Aztell and Baktell companies of the Ministry of Communication (in fact such companies do not persist) through the loan it borrowed.
Poctbank could not pay back the loan borrowed with the help of false documents and the financial operation between the two banks was cut off. As a result, FIM Bank brought an action against Azerbaijani government in Rotterdam district court. The legal proceedings are still continuing.
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