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Azer-Asia shareholders will meet on June 9 for liquidation

05 June 2009 13:51 (UTC +04:00)

Baku. Elnur Huseynguluev - APA-Economics. The shareholders of Azer-Asia Insurance will gather in Baku on June 9, said Afgan Mirzayev, lawyer of AzerSighorta State Insurance Company which is the co-charter-member of Azer-Asia.

According to him, the meeting will mainly focus on the establishment of a liquidation commission.

â€œThe meeting of shareholders met in May but failed to decide on the establishment of a liquidation commission due to lack of quorum. The Iranian shareholders didnâ€™t vote for the liquidation of the company,â€ he added.

According to him, the next meeting is scheduled for May 13 to review 2008 financial reports.
Azer-Asia Insurance Company is a co-owned joint venture between Azerbaijani and Iranian shareholders.

Azerbaijani Ministry of Finance refused to extend Azer-Asiaâ€™s expiring license on February 11, 2008. The main reason for the suspension of the license was that the company failed to operate under the law and terms of license.

However, Iranian shareholders have expressed readiness to remedy the identified violations and to increase the authorized share capital to AZN 10 million.
Azer-Asia Insurance Company is owned by Iranâ€™s Asia Insurance Co. (49%) and Azerbaijanâ€™s AzerSighorta State Insurance Company (51%). As at January 1, the companyâ€™s share capital was AZN 800 000.