Assets of bank liquidated in Azerbaijan may be revalued
Baku, Azerbaijan, Jan. 29
By Anvar Mammadov - Trend:
The creditors’ committee of Azerbaijan’s Bank Standard intends to ensure revaluation of the bank’s assets and loans issued by it, Akram Hasanov, chairman of the committee, said.
He made the remarks at a meeting in Baku Jan. 29.
He said that the valuation of the property and other assets of the bank was carried out with violations.
“It is necessary to invite a new independent auditor - PwC, Deloitte or Ernst & Young,” Hasanov said.
According to the calculations of the KPMG audit company, interest income on loans issued by Bank Standard prior to liquidation will amount to about 112 million manats (1.7001 manats = 1 USD on Jan. 29). In addition, it is planned to receive 42 million manats from selling the bank’s property.
Bank Standard’s liabilities to ADIF (Azerbaijan Deposit Insurance Fund) amount to 442.9 million manats, while claims of unsecured creditors amount to 581.7 million manats. In general, Bank Standard’s liabilities to individuals and legal entities amount to about 1.2 billion manats.
License of Bank Standard was revoked on Oct. 1, 2016, and on Oct. 4, the bank was declared bankrupt.