International Bank of Azerbaijan sells troubled assets

Baku. 1 December. REPORT.AZ/ International Bank of Azerbaijan (IBA) OJSC launched sale of troubled assets earlier provided to ‘Aqrarkredit’ CJSC non-bank credit organization for management. Report informs citing ‘Aqrarkredit’ CJSC, 3 enterprises managed by the company offered for sale first.

These are concrete production enterprise located in Samgori district of Tbilisi (Georgia), meat and dairy production enterprise located in Garasu village of Shaki district, wine factory located in Novkhani village of Absheron district. However, selling price of these enterprises confiscated from debtors haven’t been revealed. The enterprises will be offered at the auction. ‘Aqrarkredit’ named auction organizers who will manage sale of its assets. They are “Auction Center for sale of movable and immovable property” LTD., Raw materials and commodity market – “Kulek” LTD and “Hidayatoglu Holding” LTD.

Notably, Cabinet of Ministers established competition commission for sale of IBA’s troubled assets on July 22, 2016. Recently, the commission named assessors of the assets, with whom it will cooperate. These are well-known audit companies like "PwC Azerbaijan", "Deloitte Azerbaijan", "Ernst & Young Azerbaijan", "RSM Azerbaijan", "BDO Azerbaijan", as well as "Nexia EA", “Coneco Group”, "Real Price” and "VETO Consulting".