Appeal Court to Announce Decision on Law Suit of Maltese FIMbank against Azerbaijan in May
Azerbaijan, Baku / corr Trend S.Babayeva / After the decision of the Appeal Court, the Paris Court of High Instance will consider the appeal of the Azerbaijani side for canceling the seizure of Azerbaijan's shares in Eutels at S.A in amount of €6.5 mln.
The Head of Legal and Staff Department of the Ministry of Communications Appeal Court will make a decision in favor of Azerbaijan. FIMbank demanded that Azerbaijan pay credit in the amount of over $4.5mln, which the bank urged to be paid to Azerbaijani telecommunication companies under the state guarantee. The 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 €900 for court costs.
FimBank, who repaid the outstanding amount, appealed to the Court of Appeal. 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.