Azerbaijan, Baku, 10 November / Trend , corr. U.Ismayilova, T.Jafarov /Founders of the Azerbaijani-Iranian insurance company Azer-Asiya, to which the Azerbaijani Finance Ministry refused to issue a license in February, will fail to come to conclusion to define the further company's destiny during the meeting in Tehran on 1 December, Mir Kazim Perpenji Mogteba, the Deputy Chairman of the Azer-Asiya Management Bord, said.
"Under the agreement, 2/3 co-founders should vote 'for' company's activity would be restored," Mogteba told Trend via a telephone on 10 November.
Mogteba believes that co-founders will unlikely to vote for, as under the Azerbaijani law, 40 shares are owned by Azerbaijan and 51% by Iranian shareholders.
"The one solution of the problem is a possible compromise by any side, but no compromise is seen in the near future," Mogteba said.
In February, the Azerbaijani Finance Ministry refused to the joint Azeri-Asia insurance company to extend term of license on insurance activity, which was issued on 21 November in 2002. It was revealed that the company's activity did not correspond to the insurance legislation and requirements of license as a result of analyses held from 1 October 2006 to 1 October 2007 and this fact was a basic reason of the ministry's refusal to prolong term of license. Violation facts were revealed during examinations, as well.
In August, company requested AZN 300,000 from its founders to pay debts to insurers and employees. Under the sides' share in the company, the Azerbaijan founder will pay 51% of debts and the Iranian founder - 49%.
In September, the board of Azeri-Asia took a decision to pass its portfolio to another BE& G insurance company. At the moment of closing the company had 17,000 individuals and 60 corporative clients.
The joint Azer-Asiya insurance company, whose founders are the Iranian Asiya Sigorta (49%) and AzerSigorta (51%), the state insurance commercial company, has operated at the Azerbaijani insurance company since 1997.
The correspondent can be contacted at: [email protected]