All Guilty of Bank Standard�s Bankruptcy to Answer before Law - Akram Hasanov

Baku / 11.08.17 / Turan: The Chairman of the Bank Standard Committee of Creditors, expert in the banking sector Akram Hasanov said he was pleased with the new leadership of the Deposit Insurance Fund.

On his profile in the social network Facebook Hasanov said the new head of the Fund Vugar Abdullayev met with all the chairmen of the creditors" committees of bankrupt banks, including with him.

"A constructive dialogue took place between us. To my claims that the Fund's activity is not transparent, Abdullayev said they value public control and henceforth the Fund's activities will be transparent to the creditors' committee," Hasanov wrote.

The expert noted that the purpose of the Fund and the committee is single - the return of all creditors' money. In his opinion, for this purpose, it is necessary to work in three directions: to sell the bank's property by auction, provide repayment of loans issued by the bank and demand that the bank administrators that led it to bankruptcy and officials who closed eyes to that should compensate for the losses. At the same time Hasanov stressed that only in this case the banking sector will be able to restore confidence in itself. According to him, some work in this direction was started by law enforcement bodies.

"The creditors' committee, after collecting all the documents, will make claims against all those who are guilty of bankruptcy of the bank and will demand compensation for damages. These include the bank"s administration, the external auditor, and the Central Bank, which controlled them. The bank lacks 1 billion manats, according to the news. The question of where this money is has to be answered by those who managed the bank and the Central Bank. They will surely answer for this," Hasanov said. -----71D