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Baku, Azerbaijan, Sept. 4
By Anvar Mammadov - Trend:
Another part of unsecured loans of the Azerbaijani “Bank Standard” bank, which is undergoing the liquidation process, has been secured with collateral worth 61 million manats, Deputy Executive Director of ADIF Vugar Abdullayev said Sept. 3 at a meeting of the creditors' committee of Bank Standard.
Abdullayev noted that part of the loans was issued without collateral, however later an opportunity came up to provide these loans with collateral.
"All these pieces of property are marketable and we will continue to work on their further sale and transformation into funds," Abdullayev said.
He said the sale of property of Bank Standard is also going on presently.
"To date, about two million manats have been received from the sale of property of Bank Standard. Basically, vehicles are sold at auctions, one item of real estate has also been sold. We will continue to work over the sale of property," Abdullayev said.
He said the Fund has paid the insured depositors of Bank Standard the compensation in the total amount of 437 million manats to date.
"Out of this amount, the ADIF has managed to return more than 85 million manats due to the reimbursed loans, sale of property and other actions prescribed by the legislation," Abdullayev said.
He added that to date, the courts continue to consider cases for the reimbursement of overdue loans issued by Bank Standard.
"To date, the courts have 300 cases on the reimbursement of loans issued by the bank in the amount of about 155 million manats. In addition, the cases in the amount of another 195 million manats are still under consideration at courts", Abdullayev said.
The Bank Standard’s license was revoked on October 1, 2016, and the Bank was declared bankrupt on October 4. The bank was established in 1995. It was one of the largest private commercial banks in Azerbaijan and was among the market leaders in terms of deposits.
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