Depositors of Bankrupt Bank Standard Held Another Action in Front of Central Bank

Baku / 01.09.20 / Turan: The depositors of the bankrupt Bank Standard today again held a protest in front of the building of the Central Bank (CBA). They demand the return of their deposits.

Note that after the bankruptcy of the bank, only deposits of up to 10 thousand dollars were returned.

People are outraged that most of the bank's funds were issued in the form of unsecured loans to 153 large clients. These 153 clients received 80.3% of all funds in the bank. But none of the bank's management or major recipients of loans has been held accountable.

The protesters unfurled posters with the slogans: “Bank Standard: Return our money”. They also chanted: Get our money back!

As in the previous action two weeks ago, none of the CBA came out to meet them.

The police recommended that citizens go to the Deposit Insurance Fund. But people refused to do this, since they had already been there more than once, but to no avail.

As a result of the action, a group of protesters' representatives wrote a statement to the CBA head Elman Rustamov. However, Rustamov did not accept them.

The chairman of the Depositors' Committee, Shahin Ahmedov, told Turan in January this year that over 10 thousand Azerbaijani citizens had not received their money from Bank Standard. Among them are those who invested up to 30 thousand dollars - 400 people.

Bank Standard, one of the largest financial institutions in Azerbaijan, was declared bankrupt in October 2016.   — 030D-