Creditor committees will be established in liquidated Azerbaijani banks

Baku. 17 January. REPORT.AZ/ Azerbaijan Deposit Insurance Fund (ADIF) started creation of creditor committees in under-liquidation banks. Executive director of ADIF (liquidator of banks) Azad Javadov told Report.

According to him the aim is to assure creditors of transparency of ADIF’s operation: “Banks’ creditors – public organizations, legal or physical entities will be represented in this committees directly or with their agents. They will be regularly informed on conducted works”.

A.Javadov noted that the process embraces 8 of 11 liquidated banks under ADIF’s management: “3 banks will not have creditors committee. Royalbank is one of them. This bank has been liquidated a long ago and not much work with creditors remain. Parabank will convert into non-bank credit organization (NBCO); we are about finalizing reimbursement of funds to part of its creditors. Others don’t want their money back, because they want to acquire shares of newly established NBCO. Reimbursements to Dekabank creditors is also about wrapping up. Other 8 banks – Bank of Azerbaijan, Ganjabank, Atrabank, Caucasus Development Bank, Bank Technique, Kredobank, Zaminbank and Bank Standard will have creditors’ committees.

According to him, ADIF will provide creditors of 8 banks liquidation plans, reflecting assets and obligations of liquidated banks: “Liquidation plans of 6 banks, excluding two– Bank Standard and Ganjabank, have been submitted to Baku Administrative-Economical Court No1, and we are currently waiting for approval. We will submit liquidation plans of two remaining banks till the end of this month”.