Maltese Bank Ready to Implement Court Sentence Adopted in Azerbaijan’s Favor
Azerbaijan, Baku / corr Trend S.Babayeva / Maltese Bank FIMbank (First International
Merchant Bank) is ready to implement a sentence issued by the Paris Court of Appeals on enactment of a verdict issued by the court in higher instance, earlier adopted in favor of Azerbaijan.
The Azerbaijani Ministry of Communications and Information Technology reported that official notification will be provided to the court in the near future.
Paris Court of High Instance made the decision in November 2006 and the Bank was committed to pay €5,000 for inflicting moral damage to Azerbaijan and an additional €9,000 for court costs.
This decision was not carried out because of FimBank's appeal to the Court of appeal of Paris. Azerbaijan objected to FIMbank's appeal at the Court of Appeal prior to execution of a decision by the Court of High Instance. This has led to a positive outcome for Azerbaijan.
On 3 May the Court of Paris will consider, in detail, a petition raised by FIMbank to provide evidence of the sentence passed by the high instance in Azerbaijan's favor.
In July 2004, the Maltese FIMbank 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 $3,035,000 and Baktell $1,560,000.