The date of the next hearings at the Rotterdam Court on Azerbaijan's proposal on the case of First International Merchant Bank (FIMBank) and the Azerbaijani Communications Ministry has been confirmed. The Ministry informed that the hearings will be held on 3 October 2006.
The Paris Court will consider the appeal by Azerbaijan early this October. On the basis of the suit brought on by the Bank, the Paris Court imposed an arrest of the Ministry of Communication of Azerbaijan for 500,000 shares invested by the French Company Eutelsat S. A. on its dividends at the rate of more than $1.
The Paris Court has recently fulfilled another petition by the bank and sentenced on security of the funds at a special account. So, after a final sentence, the funds which the Paris Court estimates to be $6.5m, will immediately be remitted to the account of the side who wins the case.
In July 2004 First International Merchant (FIM Bank) filed a suit against the Azerbaijani Government regarding the non-repayment of credit supposedly issued against the security of Communication Ministry and JSCB Pochtbank to bogus enterprises Aztell and Baktell in the amount of $1,560,000 and $3,035,000, respectively.