Liquidation commission established in International Insurance Company

Baku. 19 October. REPORT.AZ/ Elimination of International Insurance Company (IIC) OJSC will start in coming days.

Report was told in the International Bank of Azerbaijan (IBA) OJSC, the 100 percent owner of the company.

According to the information, liquidation commission including five members headed by general director of the bank Hidayat Sultanov was established. In coming days IIC steering board will be dissolved and responsibilities of the company will be executed by assigned commission. Apparently, IIC’s portfolio will not be transferred to another company.

Termination of company’s functions due to financial underperformance was decided in general meeting of IBA shareholders on October 12.

Notably, IIC was established in 2002. Its authorized stock capital is AZN 14,8 million. In the first half of this year the company lost 1,485 million, which is equal to 10 percent of its assets.