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    Alfa Insurance may lose license

    The company may close due to lack of potential investors

    Baku. 22 August. REPORT.AZ/ Alfa Insurance JSC has received an order to stop the collection of insurance fees from customers.

    Report informs, Executive Director of Azerbaijan Deposit Insurance Fund Azad Javadov said.

    Notably, the 100% owner of Alfa Insurance is Texnikabank, which is in the process of liquidation. The liquidator of the bank is ADIF, whereby the insurance company also came under the control of this structure.

    According to A. Javadov currently Alfa Insurance is engaged exclusively in fulfillment of the obligations: "Due to the company's shareholder's bankruptcy, we intended to sell Alfa Insurance in order to fulfill the obligations of Texnikabank. In connection with the preparation of the company for sale, we have applied a moratorium on active operations, so that the company no longer assume obligations.

    However, there are no investors wishing to buy Alfa Insurance yet, but we can not control the activities of the company for a long time. Unless there is a potential investor, the next option would be deprivation of the license. Financial Markets Supervision Chamber of Azerbaijan will soon make a decision. Now we are waiting for it. In the case of liquidation of the license we will put assets of Alfa Insurance for sale".

    "Kapital Menecment Investment Company" OJSC - a 100% owner of Texnikabank continues its activities. Javadov noted that the company has no long-term commitments, and therefore there is no need to restrict the holding of its operations. Advisor to the Chairman of the Board of Directors Rufat Abbasov told Report, tomorrow the House will make a statement on this issue.

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