Shareholders of Azerbaijani insurance company Azerqarant have decided to liquidate the company, Rashad Mammadov, head of the company's management board, told Trend Nov. 8.

The company has already sent a relevant letter to Azerbaijan's Financial Markets Supervisory Chamber, according to Mammadov.

Liquidation of the company is explained by the fact that part of the company's funds was placed as deposits in Nikoil Bank, Rabitabank and AtraBank, Mammadov said. Read the full story AZERBAIJAN: Another insurance Co to be liquidated