Tehran is looking forward to an answer from Azerbaijan to restart insurance joint venture

Tehran is looking forward to an answer from Azerbaijan to restart insurance joint venture
# 16 December 2008 14:05 (UTC +04:00)
Baku. Elnur Huseynguluev - APA-Economics. The shareholders of Azer-Asia Insurance Company reached no specific decision on the future of the company at a recent extraordinary general meeting in Tehran, said Afgan Mirzayev, lawyer of AzerSighorta State Insurance Company which is the co-charter-member of Azer-Asia.
Azer-Asia Insurance Company is a co-owned joint venture between Azerbaijani and Iranian shareholders.
He added that the meeting of shareholders in Tehran was also attended by the Azeri ambassador to Iran Abbasali Hasanov and representatives of the Iranian Ministry of Foreign Affairs
According to him, the both sides said at the meeting that the company plays an important role in the development of bilateral economic ties between the countries.
Afgan Mirzayev said that Iranian Ministry of Foreign Affairs sent a request to Azerbaijani Ministry of Finance for the renewal of the company’s license.
“At the meeting, the parties reached oral agreement on the restoration of the company. We are looking forward to receiving an answer from the Azerbaijani side. Otherwise, Iranian government will send a new request to the Ministry of Finance.
Azerbaijani Ministry of Finance refused to extend Azer-Asia’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 considered the decision of the Ministry of Finance as legally groundless and 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 Iran’s Asia Insurance Co. (49%) and Azerbaijan’s AzerSighorta State Insurance Company (51%). As at April 1, the company’s share capital was AZN 800 000.
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