GARADAGH CEMENT GIVES UP TEMPORARILY IMPLEMENTATION OF ITS INVESTMENT PROGRAM
The Open Joint Stock Company (OJSC) Garadagh Cement refuses temporarily from implementation of its investment program. According to the latest estimates the cost of the investment program is to make up not $75 million, but $87 million, the Board chairman of the enterprise Uwe Koehler told Trend.
"Implementation of this project is temporarily suspended, as a number of reasons do not enable us to fulfill it now. We have problems with the Tovuz deposits, the problem of which is not solved yet. Garadagh Cement has a trust enterprise in Tovuz, however, it is illegally occupied by another company.
We have the decision of the last instance вЂ"the Economic Court, which states, that the rights of the Tovuz Executive Authority for the Tovuz deposit are to be transferred to us.
Nevertheless, despite this, the Eko-Servis company captured this deposit and we have no access to it.
The situation lasts for half a year. As long as these issues are not settled, implementation of the investment project will not be launchedвЂќ, Uwe Koehler noted.