Rufat Aslanli: Happenings around Bank Standard are speculations

"What's happening around the liquidation process of Bank Standard CJSC is speculations, chairman of the Board of Directors of the Financial Markets Supervisory Authority Rufat Aslanli said.

“We know that Bank Standard has been declared bankrupt and this process is ongoing in accordance with the law. Along with this, I think that the processes are based on international experience and transparent. Bankruptcy means that assets of a bankrupt company or bank, acquired during this process, will not be sufficient for fulfilment of the liabilities. A tender was announced for evaluation of Bank Standard’s assets. KPMG is estimating the liquidation value of the bank’s assets. At the same time, BM Morrison defined the structure of liabilities. It was revealed that the funds received from realization of the bank’s asset are able to cover half of ADIF’s requirements. This means that the remaining creditors will not be able to get funds from realization of assets. This is a reality and there is no need any speculation around this. Information about this process is publicly available, expect those which are considered as bank secret”, he added.

As of May 24, ADIF paid AZN 437,346,000 in compensation to Bank Standard’s depositors. 


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