Weekly economic review

The International Center for Resolution of investment debates located in London, rejected the all 9 petitions raised by Barmek Holding on the cessation of activities, violating the company's interests in Azerbaijan.

Barmek Holding appealed the Arbitrary to release an arrest on accounts of the company, which was put at the sentence of the Azerbaijani court with respect to ensure an appeal by the Ministry of Economic Development on compensation of damage caused by Baku electricity network during its management. Moreover, petitions were raised with respect to processes carried out within the framework of the Azerbaijani legislation during the trial by Azerenerji Company.

Arabul was sentenced to eight years probation, five years conditional discharge and denied the right to be employed or leave the country for two and a half years. Notably, the President of the above-mentioned company, Mr Arabul is accused of Articles 179.3.2 of the Criminal Court of Azerbaijan Republic (misappropriation or dissipation), 308.2 (exceeding one's commissions), and 313 (service falsification). Employees of Barmek limited company were also sentenced to different years.

In its initial appeal Barmek Holding demanded Azerbaijan to compensate its $291mln investments in the Baku electricity network. The consideration of the case at the international arbitrary will take not less than one year, or even 15 months.

An investigation revealed that based upon an agreement signed between the Azerbaijani Economic Development Ministry and Turkish company Barmek Holding, the rights to management of the Baku Electric Power Distributing Company (BakuElektrikShabaka OJSC) would have been passed to the Economic Development Ministry for a term of 25 years. According to the investment programme stipulated in the agreement, the company was to invest $51 mln within five years, but actually did nothing in this respect.

The investigation also disclosed that employees of Barmek LLC misappropriated the sum of AZN143,940, which was collected from the consumers.

"In its earlier sentence, the International Arbitrary rejected the appeals by the company in connection with violation (of company's rights) in Azerbaijan," Jabbarov said. No further development was observed during trial with Barmek Holding at the international arbitrary

Barmek officially declared about suspending of operation in the Baku and Sumgayit Electric Power Distributing Networks at the beginning of the year after a long perepetia with the Government. Azerbaijan considers Barmek could not fulfill its agreement liabilities which caused cancellation of the contract. The volume of funds collected from consumers was spent for purchasing of electric energy. However, Arabul said Barmek Azerbaijan did not want to break the 25 year agreement after 4 years and 6 months functioning, but they were forced to do it. According to Arabul, the other side caused for cancellation of the contract. "I faced pressure by state enterprises and departments which hold controll and compel me to make such a step," Arabul said.

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