In July 2016 Azer-Turk Bank OJSC allocated AZN 100 million-loan to Bank Standard CJSC, which had liquidity problem at that time, said in the bank’s financial statement for 2016. The statement was audited by Ernts&Young CIS.
The loan was allocated through the funding presented by the Central Bank of Azerbaijan on the basis of state programme.
In September 2016 the Financial Markets Supervisory Authority declared Bank Standard CJSC bankrupt and revoked licence.
As of December 31, 2016 the loan remained unpaid. The management thinks that Azer-Turk Bank has born no credit risk on than loan since allocation to Bank Standard CJSC. This supposition is substantiated with different evidences received from state bodies in 2016. AS of December 31, 2016 residual of the loan allocated to Bank Standard amounted to AZN 103.319 million. Thereafter, according to the order of the Cabinet of Ministers dated February 10, 2017 the loans allocated to Bank Standard and Azer-Turk Bank’s liabilities before the Central Bank of Azerbaijan have been transferred to Agrarcredit.
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