Azerbaijan, Baku, 13 November / Trend corr. I.Khalilova/ PAL Bank OJSC, which awaited a bank license from the National Bank of Azerbaijan (NBA), was shut down by a decision of its shareholders, according to a statement of the Palmali Holding placed in the Vergilar (Taxes) newspaper of the Ministry of Taxes.
"NBA prepares to issue a license to PAL Bank, the papers which are already ready and they will be considered in the common licensing order," Elman Rustamov, CEO of NBA, said recently.
However, shutdown of the bank was proclaimed at the sitting of bank's shareholders on 3 November. Creditors and interested persons can apply to 27 Teymur Aliyev, Narimanov District, where the Baku office of Palmali Holding Co. Ltd. is located, by 5 January 2009. Palmali Holding refused to tell Trend the cause of shutdown, but promised to do that later.
PAL Bank was registered as CP BANK at the Ministry of Taxes on 25 January 2008, but later its shareholders changed the name. It was registered with the authorized capital of AZN 11mln ($13mln). Mais Mansimov, President of Palmali Group, Marif Mansimov and Palmali Gemi Hizmetleri ve Acentelik LTD are the founders of the bank, while Aziz Teksoy was appointed the legal representative of the bank.
Bank's stock issue totaled 10,000. The juridical address of PAL Bank is 2 Keykab Khanim Safaraliyeva St, Nasimi District, Baku city.
PALMАLI company specializes in transportation of goods in the basins of the Mediterranean, Caspian, Baltic and Black Seas. Moreover, the company is the leader in transportation over Russian inland ports. The company's fleet consisted of its own and leasehold vessels.
PALMALI mainly specializes in transportation of oil products (petrol, gas oil, vacuum gas oil, stove fuel, kerosene), crude oil, edible oil and industrial oil. Moreover, the company has its own dry cargo flotilla by which it transports all types of dry cargo.
The correspondent can be contacted at [email protected]