Expert Urges Mugan Bank Creditors to Unite for Justice in Courts

In October last year, OJSC Mugan Bank was declared bankrupt, with the Deposit Insurance Fund appointed as the bank's liquidator. Thousands of local and foreign depositors, including construction companies operating in liberated zones, had left hundreds of millions of manats in the bank. Reports indicate that Mugan Bank issued illegal guarantees and was poorly managed. The bank's leadership, much like those of Bank Standard, Texnikabank, a...

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