Licence revoked from investment company 'Plato Capital and Co.'

The Central Bank of Azerbaijan (CBA) has revoked the licence from investment company ‘Plato Capital and Co.’This is reported on the CBA website.

The report says that the financial structure has not fulfilled binding orders to eliminate violations committed in its activities. Therefore, in line with Article 70.1.6 of the Law ‘On Securities Market’ the licence of the company ‘Plato capital and Co.’ is cancelled.

The investment company whose licence is revoked in line with Article 70.3 of the Law is liquidated in keeping with the Civil Code.

Thus, the number of investment companies licensed in Azerbaijan has reduced to 12.

Recall that the ‘Plato Capital and Co.’ was founded in 2002 by “Technikabank”, currently in the process of liquidation, under the name “Technika Capital Management”.

The investment company changed its name to 'Capital Management' in 2015; to 'Plato Management' in 2018 and rebranded in 2019. Its authorised capital is AZN 816, 000. Shareholders of the investment company are 'Red Block' company with 99 % share and Leyla Hajiyeva with 1 % share.