Azerbaijan, Baku /corr. Trend I.Khalilova / Azerbaijan's Deputy Minister of Economic Development, Mikail Jabbarov, said on 27 August that Barmek Holding supports the final court case which requires Azerbaijan to reimburse the sum of $291mln to Baku Electricity Network.
According to the fixed schedule, this court case mustbe submitted for arbitration by 20 August.
"Barmek notified the arbitration that the company will be late in submitting the court case," Jabbarov said. He refused to comment on the situation, saying that the date confirmed by the arbitration is fast approaching for the Government of Azerbaijan.
Azerbaijan expressed its official position on this issue, stating that Barmek had tried to have the date of the court hearing changed. The interests of Azerbaijani Ministry of Economic Development are protected by the US legal company, Gladham & Watkins.
The first hearing has been held in which the court hearing also covered the petition by Barmek Holding regarding the cancellation of the arrest on accounts of the company imposed by the Azerbaijani court due to the court case by the Economic Development Ministry in order to reimburse the damages inflicted by Barmek Holding to Baku Electricity Network. In addition, the petition was discussed regarding the processes implemented within the Azerbaijani legislation during the court hearing on the company's court case against Azerenergy JSC.
It is expected that the court case in the international arbitrary will take at least one to 1 ? years.