Funds of Bakielectroavtomat invested inexpediently, SPMC
The Azerbaijani State Property Management Committee (SPMC) approved the statement by Husseyn Arabul, the head of Barmek Azerbaijan, on annulment of the contract on privatization of Bakielectroavtomat JSC.
The contract was annulled in relation to unfullfilment of the terms of the investment program despite repeated warnings, SPMC told Trend.
The preliminary search showed that the funds of Bakielectroavtomat JSC were put inexpediently. The program envisaged investment in the application of new equipment, know-how and opening new jobs, production of competitive production, SPMC said.
The Committee also noted that arrears of wages were not fully covered. During 2 years the investor intended to invest over 40bn manats, but put only around 10bn manats. Though the 2-year term expires in November 2006, the investments envisaged in the program were not put, SPMC stressed.
SPMC repeatedly addressed to the investor on elimination of shortcomings without results. The contract on Bakielectroavtomat was undersigned on 30 November 2004.
The press service of Barmek Azerbaijan refused to comment the situation.