Baku, Azerbaijan, Feb. 12
By Anvar Mammadov – Trend:
Azerbaijan Deposit Insurance Fund (ADIF) has started payment of compensations to the last remaining uninsured depositors of Azerbaijan’s Ganjabank OJSC, the ADIF said in a message Feb. 12.
According to the message, non-cash payments are carried out.
The compensations are paid in the administrative building of the liquidated Ganjabank at the following address: 260 Ataturk Avenue, Ganja city.
“The total number of uninsured individuals and legal entities in Ganjabank exceeds 500 people,” ADIF ex-head Azad Javadov told Trend earlier.
The Central Bank of Azerbaijan (CBA) revoked Ganjabank’s license Jan. 22, 2016.
This decision was made because the total capital of the bank didn't correspond to the CBA's minimum requirement of 50 million manats. The bank also couldn't fulfill its obligations to creditors.
Ganjabank was declared bankrupt upon the decision of the Baku Administrative Economic Court #1 dated Feb. 15, 2016. ADIF was appointed the liquidator of the bank.