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Azer-Asia shareholders to hold a meeting in March

30 January 2009 09:46 (UTC +04:00)

Baku. Elnur Huseynguluev - APA-Economics. The shareholders of Azer-Asia Insurance will hold a general meeting in Baku in March, 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 shareholders will discuss the issue of no specific decision on the future of the company and non-extension of the license.
The shareholders reached no specific decision at a recent extraordinary meeting in Tehran in December.
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 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 Iranâ€™s Asia Insurance Co. (49%) and Azerbaijanâ€™s AzerSighorta State Insurance Company (51%). As at April 1, the companyâ€™s share capital was AZN 800 000.