More about:
AZN 400M troubled loans of IBA repaid with interference of law-enforcement agencies
02 June 2016
Read: 1037
Special measures are being taken for repayment of troubled loans of the International Bank of Azerbaijan (IBA), Finance Minister Samir Sharifov said in his interview to Voice of America.
The minister mentioned that the law-enforcement agencies sometimes participate in these measures: “Because, we face fraud cases. As a result of interference, AZN 400 mln was repaid to the bank. The bank is working on repayment of other funds. At the first stage of bank’s privatization, works are underway for its normalization. These works are carried out under the president’s order. Within these measures, bank’ troubled assets are withdrawn from the bank’s balance. The assets, pledges on these assets and claims on the pledges are sold to another body – Agrarcredit CJSC. Agrarcredit manages these troubled assets and it may also sell them. These processes will take certain time. After these measures end, relevant financial advisors, I suppose, international investment companies will be involved in these processes. So, the bank will be available for privatization”.
