Deputy Minister: Barmek Holding Demands Azerbaijan to Indemnify a New Amount for Allocated Finances

Deputy Minister: Barmek Holding Demands   Azerbaijan to Indemnify a New Amount for Allocated Finances

Azerbaijan, Baku / corr. Trend Capital I.Khalilova / The first session over the law suit of Barmek Holding against the Government of Azerbaijan at the Arbitration Court of Washington will take place 18 May. The Deputy Minister of Economic Development of Azerbaijan, Mikail Jabbarov, said on 7 April that Barmek Holding submitted a new document for this hearing and presently the advocate attracted by the Government of Azerbaijan is preparing a response document.

The interests of the Ministry are protected by the American Law Company Gladham Watkins. Jabbarov considers as ambiguous the approaches of Barmek to the issue. The document contains a new demand for amount of finances, which as though the Government of Azerbaijan should indemnify for the investments allocated by Barmek to the electricity-distributing networks.

According to him, the new amount announced by the Company totals $500 mln, against previously announced $291 mln.

"In addition, the Company claims that within the turnover of the assets of the distributing networks, the Government of Azerbaijan delayed the signing of the final document," he said. "The reality is that the debts of Barmek Holding had to be combined after the completion of the turnover. They have come into existence due to the electricity acquired from Azereneji JSC and electricity consumption debts of population, which have been collected by the Company over its 5-year activities," the Deputy Minister said.

Jabbarov says that the debts have resulted from the unsuccessful activities of the Company. "Barmek Holding could not collect the debts within the period of 5 years and now offers the Government of Azerbaijan to undertake them. The Company suggests to repay the debts to Azerenerji at the expense of finances collected from population," he said.

According to the Deputy Minister, the statements and documents submitted by Barmek Holding up to now have been reflecting only one thing - the Company does not understand the essence of the management contract or disseminates wrong information due to any reasons.

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