'Alfa Insurance' and 'Kapital Menecment' will be put on sale

Baku. 5 July. REPORT.AZ/ Azerbaijan Deposit Insurance Fund (ADIF) will put up for sale Alfa Insurance and "Kapital Menecment Investment Company" OJSC have fallen under its control. Report was told by the ADIF Executive Director Azad Javadov.

A.Javadov noted that these companies are subsidiaries of ‘Texnikabank’ OJSC, which is now eliminated. As a liquidator, ADIF can not always control these companies.: "Both companies are assets of ‘Texnikabank’ and, by law, we have to sell them to individuals or legal entities to take advantage of these assets. The fund may take measures to improve the condition of these companies only in case of importance" - He said.

Notably, a decision of the Central Bank of Azerbaijan dated February 1, 2016 revoked the license of ‘Texnikabank’ due to failure to comply with requirements for the minimum total capital (50 mln. AZN), the values of the coefficient of the adequacy of the total capital less than 3%, non-compliance of obligations to creditors, lack of provision of reliable and prudential management.

Although the bank's liquidator was first appointed ‘M.M.M. Perfekt Konsaltinq Ltd’., then pursuant to the decision of Baku Administrative-Economic Court No.1, these powers were transferred to ADIF.