Partner Investment continues court examination for possession of Azeri privatization shares in Appeal Court

Business Materials 22 September 2006 15:55 (UTC +04:00)

Partner Investment raised an appeal complaint about the resolution of the Azerbaijan Court for International Disputes that ensured the claim of American Fonex Capital. The subject of the claim is that Fonex Capital requires to return Azerbaijani privatization cheques in number of 1.83 million shares, which were acquired from Cyprian Daventri Belis. In addition, the claim deals with compensation that Fonex Capital requires for lost 158.000 cheques.

The Appeal Court will consider the claim of Partner on September 27, Gunduz Mammadov, the Head of the Azerbaijan State Securities Committee (SSC), told a Press-Conference on September 22, Trend reports.

It is the property right of the foreign company, and therefore, the court instance should define who is right, the Head of SSC said.

Partner Investment refuses to response for the lost cheques because they have received 1.83 mln units of cheques from Harvard Industrial Holding, of which Daughter Company is Daventri Belis. In its turn, Partner Investment forwarded them to the National Deposit Center of Azerbaijan where the scarcity of cheques was revealed.

Harvard Industrial Holding, a large investment joint-stock company allocated its finances to Cyprian Daventri Belis Company owned by Victor Kojeni, head of Minaret Group, in 1997. Kojeni disbursed a part of this investment for purchase of Azerbaijani privatization cheques. In result he owned 3 million privatizations shares and 8 mln options.

Within the two-year activity of Minaret Group in Azerbaijan, the amount of its investments equaled $450 mln. Kojeni achieved to encourage the investors by promising to give them opportunities to participate in the privatization of the State Oil Company of Azerbaijan.