26 Jul 2016 07:00
B.S.D. CROWN LTD - Company's deposits and cash held in AzerbaijanB.S.D. CROWN LTD - Company's deposits and cash held in Azerbaijan
PR Newswire
London, July 26
BSD Crown Ltd. (LSE: BSD)
(the “Company”)
Company’s deposits and cash held with a bank in Azerbaijan
Ramat Gan, 26 July 2016
Further to Company's announcement dated 29 December 2015 regarding the deposits which are held on its behalf with a bank in Azerbaijan, the Company hereby announces the following:
The International Bank of Azerbaijan ("IBAR" or the "Bank") has confirmed to the Company that it is holding, in aggregate, approximately US$13.6 million on deposit for the Company. Furthermore, in response to the Company’ request to repatriate such monies, IBAR had proposed to transfer such monies held on deposit to the Company, including all interest accrued on such monies, in 12 monthly installments until May 2017, the first of which, in the amount of US$500,000. Having taken into account a number of considerations, including the nature of IBAR being a partially state-owned bank and Azerbaijan’s general currency and liquidity issues, the Company were minded to accept IBAR’s proposal. However, by 20 July 2016, IBAR had transferred only US$250,000 to the Company. As a result, the Company is further considering all options available to it and continues to expect IBAR to fully repatriate the monies that the Company holds on deposit with IBAR as soon as possible.
The Company will provide further updates in due course.
Enquiries:
Yossi Schneorson, CEO: Yossi@bsd-c.com