Baku, Azerbaijan, Feb. 28
By Anvar Mammadov – Trend:
Creditors of Azerbaijan’s Bank Standard propose reforming of the Creditors' Committee.
The proposal has been voiced by Chairman of the Creditors' Committee Akram Hasanov in a meeting of the committee.
According to him, at most five people from the original members of the committee currently attend the meetings.
“This also causes issues in courts, where members of the committee have to participate. Therefore, I propose to reform the committee, approve a new structure, consisting of 25 people maximum,” Hasanov said.
Deputy Chairman of Azerbaijan Deposit Insurance Fund (ADIF) Vugar Abdullayev offered to create a new list of people, willing to become members of the committee, and to submit the list to ADIF
“We will check if the persons listed are actually creditors of the bank and will hand over the list to the court for approval,” Abdullayev said.
A creditors’ committee has been established for Bank Standard in April 2017.
The committee consists of nine individuals, the National Fund for Entrepreneurship Support, the Khazar University, the Center of Azerbaijan’s Youth Rights Protection, Azercell, SOCAR Cape LLC, SOCAR Marketing and Operations Department, Standard Insurance, GESCO Group, Unileasing, Qala Life and FINCA Azerbaijan.
The license of Bank Standard was revoked on October 1, 2016, and the bank was declared bankrupt on October 4.
Bank Standard was established in 1995.