Independent auditors investigate the actual amount invested in Azeraluminiy by Fondel Metall

Business Materials 14 April 2006 18:46 (UTC +04:00)

Significant amounts, exceeding those invested to date by Dutch Fondel Metall in Azeraluminiy, will be invested in development of aluminum industry, Trend reports with reference to Kerem Gasnov, head of State Committee for Governmental Property Management.

The Committee is currently drawing up proposals on development and efficient organization of performance of Azeraluminiy due to its return to state balance.

Such a necessity has arisen following the break up of management agreement with Fondel Metall. The company failed to meet its investment obligations and invested only $48mln instead of stated $202mln. At the moment independent auditors are investigating the actual amount of investments made in Azeraluminiy as the requirements on increase of aluminum production have not been met. Despite the long time past the contract signing, Dashkesan alunite field is still not in operation.