Barmek Azerbaijan has announced on cessation of its management over the Baku and Sumgayit electricity networks. On 3 July the company officially addressed to the government a letter on refusal from its activities under the contract on management, Huseyn Arabul, the President of Barmek Azerbaijan, told a news conference.
According to Arabul, the company filed lawsuit at the international center on investments for resolution of disputes questions with the Azerbaijani government.
The company will demand compensation on investments raised here, major assets and lost incomes. The issue can be resolved either through talks, or arbitration, he said. The company has invested $67.35m in Azerbaijan, he added.
The Azerbaijani Economic Court has issued an initial sentence by on arrest in banking accounts and property of Barmek Azerbaijan and the company has no right to expropriate any property of the Baku and Sumgayit electricity network, Trend reports quoting the Azerbaijani Minister for Economic Development, Heydar Babayev. The initial hearings in the case are scheduled for 11 July. Such a preliminary resolution by the economic court were linked with the anxiety on possible export of funds abroad, which were based in the last statements of the head of Barmek Azerbaijan.