Iranian bank eyes completion of litigation with Baku Executive Power
Baku, Azerbaijan, March 30
By Azad Hasanli – Trend:
The Baku branch of Bank Melli Iran expects to complete the litigation with the Baku City Executive Power in 2018, reads the financial report of the bank audited by NEXIA EA.
In 2014, one of the buildings of Bank Melli Iran was demolished at the request of the Baku City Executive Power in connection with building of a park on its territory. The bank estimates the value of its office at almost 9.3 million manats.
"Presently, the bank is trying to get compensation for the damage caused to it. But so far the parties have not reached an agreement. Nevertheless, the bank's management believes the trial will end in their favor," the report says.
The case on compensation to the bank is being considered by the Baku Administrative-Economic Court No. 1. It is expected that the final decision on the payment of compensation will be taken this year.
Bank Melli Iran has been operating in Azerbaijan since 1993. In 2017, assets of the bank amounted to 100.5 million manats and liabilities to 49.49 million manats. The authorized capital of the bank is 73.6 million manats.
(1.7 manats = $1 on March 30)