Even the President"s cousin did not help Royal Sigorta with the license

The license for professional activity of Gunay Sigorta has been suspended once again. This time it was not alone, and Royal Sigorta, one of the founders if which is a cousin of the President, Ilgar Aliyev, also suffered.

According to the information portal of the State Service for Insurance Supervision of the Ministry of Finance, the reason is low capitalization. "The licenses of these companies were suspended due to the fact that the equity of Gunay Sigorta and Royal Sigorta are not compliant with the legislation," the statement said.

The insurance company Gunay Sigorta was founded in 1992 and provides services for 15 types of voluntary and compulsory insurance. In 2008 it was granted a license to a perpetual activity. In August 2010, the Turkish co-owners Gunay Anadolu Sigorta sold its stake in the local controlling stake holder, resulting in the "fallen" word Anadolu in the name.

In 2011, the Finance Ministry suspended the license validity period and then restored it. The authorized capital is AZN 4.2 million with a minimum of 5 million. The founders of the company are Gunay Bank (65.4% of the shares) and two individuals.

The insurance company Royal Sigorta received a license to operate in December 2011. The size of the initial authorized capital is 5.5 million manat.

Its founders include Ilgar Aliyev (cousin of the President), Famil Teymurov, Vugar Shahbazli , Shahbaz Shakhbazov and Fuad Jam (son of the chairman of the supervisory board of the bankrupt Royal Bank, Ali Jam). - 17D-