The process of inventory of two troubled commercial banks – Tajprombank (Tajik Joint-Stock Commercial Industrial Bank for Reconstruction and Development) and Fononbank – is going on and special administrators appointed by the court say the banks have enough assets to settle with their customers.
The banks began paying out savings starting from March 16.
The law provides insurance of up to 17,500 somoni per depositor and the banks have reportedly settled with customers holding up to 17,500 somoni.
The National Bank of Tajikistan (NBT) representatives say that once the courts appoint administrators at these banks, the savings of those customers holding more than 17,500 somoni will also be reimbursed.
Money is expected to be paid as administrators go through the process of selling off the banks’ assets.
The Dushanbe Economic Court launched the process of liquidation of Tajprombank and Fononbank on March 9.
Special administrators appointed by the court are reportedly taking measures to meet requirements of the customers and the creditors of the banks at the expense of the banks’ assets.
The NBT announced on February 24, that it was pulling the licenses off Tajprombank and Fononbank and was trying to work out how to compensate account-holders.
Tajprombank reportedly holds 117 items, including dozens of offices and an unspecified number of residential properties.
Assets on Fononbank’s books include the bank headquarters in Dushanbe, four branches, and residential properties in various regions of the country (totaling 37 times).
Tajprombank and Fononbank have been experiencing liquidity issues since 2015.
The General Prosecutor’s Office announced in early February that it was running an audit into Tojik Sodirot Bonk, Agroinvestbonk and Tajprombank.
Fononbank has had its own separate set of problems. The bank had already been audited by the authorities over suspicions that it was somehow collaborating with the banned Islamic Revival Party of Tajikistan (IRPT).
As the IRPT was banned in September 2015, Fononbank chairman Samikhon Qurbonov was fired and the lender was placed under administration, according to EurasiaNet.org.
Meanwhile, some experts say that bank liquidations show more weakness in Tajikistan’s financial system. (News.tj/Business World Magazine)
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