Most of uninsured funds in Azerbaijan’s Mugan Bank belong to 1 individual, 2 legal entities

Most of the uninsured funds in Mugan Bank OJSC, whose license the Central Bank of Azerbaijan (CBA) revoked on October 19, belongs to 1 individual and 2 legal entities, CBA Chairman Taleh Kazimov said at a press conference, Report informs.

“There were more than 100 million manats ($58.823 million) of uninsured funds in Mugan Bank. Of these, more than 70 million manats belonged to individuals, and about 80% belonged to one person. Legal entities had more than 20 million manats in the bank, and half of these funds belonged to two companies,” he noted.