The Court of Appeal of Paris is going to make a decision on the appeal of the case of Maltese FIMbank (First International Merchant Bank), in favour of Azerbaijan, Trend reports.
In July 2004 the Maltese FIMbank (First International Merchant Bank), raised a claim against the Azerbaijani Government regarding the non-payment of credit issued under the guarantee of the Communications Ministry and AKB Pochtbank to non-existent enterprises of the Ministry, Aztell in amount of $3,035,000 and Baktell - $1,560,000.
The Ministry of Communication & Information Technology of Azerbaijan received the official decision from the Paris Court of High Instance (Tribunal Le Grande Instance de Paris) in favour of the Azerbaijani side, which cancels the seizure of the finances of the Ministry in the amount of в'¬6.5 mln allocated to Eutelsat S.A. The Bank was committed to pay off в'¬5,000 for inflicting moral damage to the Azerbaijani side and an additional в'¬9,000 for court costs. FIMbank, which disagreed with the sentence, appealed to the Court of Appeal.
We expect the Court of Appeal to pass sentence in this respect by the end of January 2007, the Ministry said.
In case the Court of Appeal fulfills the petition by the Fimbank, the Azerbaijani side will have to appeal to the Supreme Court.
The Paris court passed sentence on November 10th as a result of the hearing held on October 13th.