Violations revealed in ADIF’s work

By  Trend

Azerbaijan’s Chamber of Accounts revealed violations when checking the process of compensation payments by the country’s Deposit Insurance Fund (ADIF) to clients of two liquidated banks, Vugar Gulmammadov, chairman of the Chamber of Accounts, told reporters in Baku on December 15.

“We have finished checking the process of compensation payments regarding two banks,” Gulmammadov noted. “As a result of the inspections, financial and legal violations were revealed. It was decided to file the relevant documents to law enforcement agencies.”

He said that at present, the audit of ADIF's work continues.

Eleven banks were announced bankrupt in Azerbaijan last year. The clients of these banks were paid compensations worth 750 million manats, according to the ADIF.

(1.7001 manats = 1 USD on December 15)