TODAY.AZ / Business

Barmek exaggerates volume of capital invested

10 March 2006 [11:59] - TODAY.AZ
The Barmek-Azerbaijan Electricity Network LLC did not fulfill its liabilities assumed during privatization of the Bakelektroavtomat Open Joint-Stock Company (OJSC).

That is why the State Committee for State Property Management (SCSPM) annulled the contract on privatization of "Bakelektroavtomat" OJSC, APA reports.

It was informed from the Committee that several warnings were submitted to Barmek for not implementing investment of capital in OJSC stipulated in the contract. Besides, volume of capital invested in OJSC so far was excessively exaggerated; liabilities of OJSC, including wage arrears were not implemented. So, instead of investing AZM 40 billion in "Bakelektroavtomat" OJSC during two years, Barmek invested approximately AZM 10 billion in the enterprise.

It was also added from SCSPM that transmission and acceptance works are implemented in the enterprise at present.

The contract with Barmek on privatization of "Bakelektroavtomat" OJSC was signed in 2004. As the State Committee informs, investigations on Barmek's fulfilling commitments provided in the contract are underway as well.


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