Bank Standard granted 41% interest-free loans to customers

Baku. 21 November. REPORT.AZ/ The next meeting of Creditors Committee of Bank Standard CJSC, which is under liquidation, has today started in Baku.

Report informs, the meeting was organized at the office of the Bank's liquidator Azerbaijan Deposit Insurance Fund (ADIF), at Babek Avenue, 16, Khatai district, Baku.

For the first time, Vugar Abdullayev, Deputy Executive Director of ADIF, as well as Chairman of the Creditors Committee, lawyer Akram Hasanov, about 50 creditors of Bank Standard and other employees of the Fund are participating in the meeting.

Abdullayev noted that he came prepared to the meeting to answer all questions of the creditors.

Hasanov said that he took the list of customers forming a credit portfolio of 743 mln AZN of the bank from Baku Court of Appeal. It was revealed that 304 million AZN of these loans (41%) were granted with 0%: "As if it is Islamic banking. However, 0% crediting contradicts the country's banking legislation. I believe ADIF should investigate it. An appeal should be made to the Prosecutor General's Office, even to the State Security Service in regard with the persons, whom interest-free loans were granted to".