Azerbaijani and Turkish JV Liquidated

Business Materials 9 August 2008 14:52 (UTC +04:00)

Azerbaijan, Baku, 9 August / corr. Trend I.Khalilova / Gunmetall Ltd-Co, the Azerbaijani and Turkish enterprise, announced liquidation of its activity. This decision will be announced at the general assembly of founders and members of the organization to be held on 12 September 2008, the organization said.

Under the agenda of the meeting, Yahya Ruhsal, the Turkish founder, leaves the organization. Therefore, the JV is liquidated.

"The JV has not functioned for more than four years and the organization is out of operation condition. Moreover, the organization has accounts receivables for realized metal ware in rank with state enterprises," the organization said.

The founders intend to appeal to the Public Prosecutor's Offices to solve their debt problems.

Despite this, the organization intends to restore its activity and new leadership was appointed in connection with these plans.

The exchange rate on 9 August is 0.8109 AZN/USD.

The correspondent can be contacted at - [email protected]