Liquidation date of AXA subsidiary in Azerbaijan disclosed

Business Materials 5 April 2019 17:03 (UTC +04:00)

Baku, Azerbaijan, April 5

By Kheyraddin Nasirzade - Trend:

AXA MBASK insurance company plans to complete the liquidation process during 2019, a source at the company told Trend.

The source noted that this is due to the length of the liquidation process from a legal point of view and the resolution of current client issues.

The decision to liquidate was made after an agreement of intent to sell the company's shares, concluded between AXA and Elkhan Garibli on May 21, 2018, lost its legal force.

The company noted that MBASK itself will serve current customers until it closes and does not plan to transfer insurance contracts to other companies.

MBASK has been operating since 1992 and is one of the first private insurance companies in Azerbaijan. In 2010, one of the largest insurance companies in the world, AXA Group, acquired 51 percent of MBASK shares, subsequently increasing them to 100 percent.

In February 2018, AXA Group decided to sell its business in Azerbaijan. The buyer was Elkhan Gharibli, who is the founder and first head of MBASK Insurance Company. However, the transaction on the sale of shares did not take place.

On March 11, 2019, the Financial Market Supervisory Authority of Azerbaijan limited the AXA MBASK license to provide CTP insurance services due to violations of the Law on Insurance Activities when concluding contracts for this type of insurance.


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