Azerbaijan refuses to give FIM Bank additional time for preparation of return documents

ICT Materials 25 March 2006 13:56 (UTC +04:00)

Azerbaijan refused to give the FIM Bank (First International Merchant Bank) additional time for preparation of return documents in relation to legal hearing. The bank addressed to the Ministry several days ago, the Communications and Information Technologies Ministry told Trend.

The Ministry decided not to satisfy the address by the bank due to repeated postponement of the sitting.

FIM Bank is expected to make similar address to the Rotterdam court.

The court can make a sentence on 29 March, the Ministry stressed. The bank filed a suit against the Azerbaijani government on non-payment of the loan, alledgedly granted to Aztell ($3,035,000) and Baktell ($1,560,000), the non-existing enterprises of the Communications Ministry, under the guarantee of the Communications Ministry and Pochtbank.

The Paris court satisfied the suit, imposed arrest on 500,000 shares ($3.5m) of the Ministry and its dividends put in Р•utelsat S.A companies.

Nevertheless, the sentence by the Paris court will depend on the final sentence by the Rotterdam court. At making of final sentence the court also can inquire for additional witnesses.