CBA recalled licenses of two credit unions

The Central Bank of Azerbaijan (CBA) recalled the licenses for limited banking from the credit unions LLC "Sahibkarlar" and LLC "Astara". The announcement was published today in the Presidential Administration's newspaper "Xalq Qazeti".

In support of the decision of CBA to enter into force within ten days of the publication, it is noted that the two organizations might be cases of counterfeiting provides reports, despite official warnings, punctuated standards of economic regulation and did not take steps to address them. "Among other things, when making a decision in relation to the society "Astara" the fact was taken for a basis that they are did not provide annual audit," is said in the statement.

Within 30 days after the entry into force of the CBA interested party may file a complaint with the Administrative Economic Court of the Azerbaijan Republic. Organizations license has been withdrawn, were instructed to create a liquidation commission and for relevant liquidation works.

In 2011 the Central Bank of Azerbaijan revoked the licenses of five credit unions. At the same time, it permitted operation of 20 new unions. Their total number is 97.

The law on Credit Unions was passed in 2000. By law, the minimum authorized capital of these organizations should be 4,000 manat, and the number of members - at least 11 individuals and entities. - 15B -