Ekrem Hasanov: Bank Standard`s chances to return money to depositors gradually decrease


February 19, Fineko/abc.az. The Azerbaijan Deposit Insurance Fund does not give the real control over the remaining money in Bank Standard to creditors and depositors, whose money still remain in the bank.

The above-mentioned statement was made by banking expert Ekrem Hasanov, when commenting on the controversial issue between Bank Standard’s depositors and the bank.

The expert pointed out that the progress of the processes shows that the chances of returning funds to depositors who have money left in Bank Standard are decreasing every day.

Hasanov addressed to depositors who want to return their money and gave them a number of recommendations: "What should depositors do? They must be active. They should require the Fund to sell the property as soon as possible. A list of those who have a debt there should be provided so that legal action against them could be initiated soon. Submit a list of court cases as well, otherwise stop the process of forgiving this money and, of course, debts. There are 154 million manats left in Bank Standard that belong to the Central Bank. The latter wants them back before anyone else, probably already has returned those money. Such a thing was in the plan when I was the chairman of the Creditors' Committee. Then, the Entrepreneurship Development Fund has about 30 million in the bank. It also wanted to return it out of turn. That is, it wants to return the money to governmental agencies out of turn. Precisely that’s why they distract the attention of investors so that they do not control this work. Unfortunately, most depositors do not have enough knowledge to understand such things."