Baku Court of Appeal Dismisses Appeal of Para Bank

The Baku Court of Appeal dismissed the appeal of the owner of Para Bank, whose license was annulled by the Financial Markets Supervision House (FMSH). The bank's license was canceled by the decision of the Board of Directors of FMSH on 21 July 2016.

FMSH appealed to Baku Administrative Economic Court to force the closure of the bank, and the demand was satisfied.

Vafa Habibzadeh, who is the owner of the bank, appealed to the Appeal Court for the annulment of the Administrative Economic Court’s verdict.   ----71D

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