'Azergarant Insurance' transfers liabilities to 'Gunay Insurance'

Baku. 16 February. REPORT.AZ/ The Financial Markets Supervision Chamber has given consent for transfer of liabilities of the "Azergarant Insurance" OJSC, which is in the process of liquidation, to "Gunay Insurance".

Rashad Mammadov, Chairman of the "Azergarant Insurance" Managerial Board told Report.

"This week we have received relevant letter on behalf of the Chamber's CEO Ibrahim Alishov. Perhaps we will determine total amount of the liabilities in the near future and transfer to the "Gunay Insurance" in exchange for proper insurance cost", R. Mammadov noted.

Notably, "Azergarant Insurance" is a legal successor of the "Şərqə Qapı Sığorta" LLC, established in 1993. Its authorized capital is 5.61 million AZN. This amount formed based on 10 000 shares at par value 561 AZN each. The company's shares 100% owned by Ogtay Abbas Aliyev (Chairman of the Board of Directors).

"Azergarant Insurance" suspended its activity on November 1, 2016 due to lack of capital. After that, a commission has been established to fulfill its liabilities.