International Audit Companies to Appreciate Nine Failed Banks

In order to ensure transparency and assess conformity of fixed assets to the international standards, the liquidator of failed banks sent letters to international audit companies.

The liquidator of nine failed banks, Royal Bank, Bank of Azerbaijan, Tekhnika Bank, Atra Bank, Qafqaz Inkisaf Bank, Bank Standard, Credo Bank, Ganja Bank, and Zamin Bank is the Deposit Insurance Fund.

The letters were sent to the international audit companies Ernst & Young, Grant Thornton, Pricewaterhouse Coopers, Moss Adams Azerbaijan, Moore Stephens Azerbaijan, Deloitte & Touche, KPMG Azerbaijan, Baker Tilly Audit Azerbaijan, RSM Azerbaijan, and BDO Azerbaijan.

Baker Tilly Azerbaijan and RSM Azerbaijan have already answered on their readiness to take part in the process.

Agreement on confidentiality of information will be signed with the companies willing to cooperate.

In the next step, all information on the banks will be transferred to auditing companies for the preparation of proposals. After the evaluation of the proposals in accordance with the rules, an audit company will be selected.

In this case the Deposit Insurance Fund said Bank Standard was assessed by KPMG and legal assessment of the elimination was implemented by BM Morrison.

According to the Fund, currently the property of bankrupt banks is assessed by local assessors, based on the market value and liquidity.

The Court, after the creditors list is approved, will confirm the liquidation plans,and will set up a committee of creditors.

After all these procedures, the public will be informed about the exact terms of the elimination of each bank, the assets and the liabilities. Then, in accordance with the rules of sale, the property will be sold from auctions. The funds will be distributed on the basis of the law On Banks among the creditors. -----71D

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