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Appeal Court of Paris Considers Appeal of Malta's FIMBank Regarding Complaint about resolution in favor of Azerbaijan

ICT Materials 8 January 2007 15:01 (UTC +04:00)

The Appeal Court of Paris considers the appeal of the Malta's FIMBank (First International Merchant Bank) regarding complaint about the resolution passed in favor of Azerbaijan in January, Trend reports with reference to the Ministry of Communications and Information Technologies of Azerbaijan.

On July 2004, the Bank brought a lawsuit against the Azerbaijani Government on the fact of the credit non-payment by the non-existing enterprises of the Telecommunication Ministry - Aztell ($3035000) and Baktell ($1560000), which was allegedly granted against a security of the Telecommunication Ministry of the Country and Azerbaijan Joint Stock Commercial Pocht Bank. The Paris Court has made a favorable for Azerbaijan decision on the case of Malta's FIMBank. The Court made a decision on canceling the arrest on Azerbaijani 500.000 shares in Eutelsat S.A from France and on their dividends of more than $1 mln. The Bank did not agree with this resolution and appealed to the Appeal Court. We expect the Appeal Court to announce its resolution on this issue till January 18, the Ministry stated.

If the appeal court passes a resolution in favor of the Bank, then, the Azerbaijani side will appeal to the Supreme Court.

According to the decision of the Court, the Bank will pay в'¬5.000 for a moral damage an additional в'¬900 for expenses on legal issues.

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