ADIF to pay compensations to remaining uninsured depositors of Royalbank

By Trend

The Azerbaijan Deposit Insurance Fund (ADIF) will start payment of compensations to the last remaining uninsured depositors of Azerbaijan’s Royalbank OJSC on June 18, Trend reports June 18 with reference to the ADIF.

The payments will be carried out in the non-cash form. The process will take place in the administrative building of ADIF at the following address: Babak Ave., 16, Baku.

The Central Bank of Azerbaijan (CBA) revoked Royalbank’s license July 12, 2012.

By the decision of the Baku Administrative-Economical Court No. 1 dated July 25, 2012, Royalbank OJSC was declared bankrupt. Azerbaijan Consulting Company LLC was declared the liquidator of the bank.

In September 2016, ADIF was appointed the bank’s liquidator.