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Litigation between Azeri govt and FIM Bank delayed

ICT Materials 21 June 2006 14:05 (UTC +04:00)

Litigation between Azeri government and First International Merchant Bank (FIM Bank) of Malta is delayed. The bank filed an action against the government on non-repayment of credits supposedly issued against the security of Communication ministry and JSCB Pochtbank to nonexisting enterprises Aztell and Baktell in amount of $3,035,000 and $1,560,000, respectively. Head of legal and HR department of Communication Ministry Bahtiyar Mamedov told Trend that Rotterdams district court upheld the banks claim regarding oral hearing of witnesses.

В"At the moment it is not clear how this will be done. The court can dispatch letters to all persons that have to attend the trial as witnessesВ", - the Ministrys official said.taking aforesaid into account, Azeri party prepared and submitted a proposal regarding leading the trial in Azerbaijan instead of the Netherlands.

Besides, adverse changes are observed in Paris court that earlier decided to arrest 500k shares of Azeri government in Eutelsat S.A and their dividends in amount of $1mln.

В"At the moment we are waiting for the date of the next trialВ", - official said.

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