Azer Amirov: Azerbaijani Deposit Insurance Fund not responsible for privatization vouchers

Expired privatization vouchers in Azerbaijan are not covered by the compensation mechanism, Azer Amirov, head of the legal department of the Azerbaijani Deposit Insurance Fund (ADIF), said at the Dialogue and Cooperation Forum organized on the occasion of National Press Day, Report informs.

According to him, privatization vouchers were financial instruments intended for the privatization of state property within a specific period.

"Some of these vouchers were in free circulation on the market, while others were distributed free of charge among work collectives. They were primarily used in the privatization of large state-owned enterprises. A specific maturity date was set for the vouchers, which has now expired. In general, privatization vouchers and similar instruments are not covered by the Deposit Insurance Fund's protection mechanism," he noted.

Amirov emphasized that this issue falls under the scope of state property management.

"We encountered a similar situation with Muganbank OJSC. The bank had previously issued an instrument called the 'Mugan Cek,' which also expired. These vouchers were discovered during the bank's asset transfer process. Despite this, some citizens still believe they retain a stake in Muganbank and periodically inquire about this issue," he said.

According to the ADIF representative, the 'Mugan Cek,' like privatization vouchers, is not covered by the fund's protective mechanism.

"The claims of individuals who submitted applications in a timely manner were registered as creditor claims. This concerns approximately 170,000 vouchers with a face value of 50 manats each. Their holders were included in the list of unsecured creditors. Initially, a 60-day period was set for filing claims, but this was later extended to 90 days, and all applications received during this period were registered," Amirov explained.

He also added that privatization vouchers were issued into circulation long before the current depositor protection mechanism was created, so the Deposit Insurance Fund doesn't have the authority or functions on issues related to such vouchers.

($1=1.7 manats)