TODAY.AZ / Business

Trial between FIM bank and government of Azerbaijan postponed

14 April 2006 [09:09] - TODAY.AZ
Trial on a financial scandal between the FIM bank of Malta and government of Azerbaijan appointed on April 12 was postponed.

According to the Minister of Communication and Information Technologies Ali Abbasov, the documents presented by the FIM bank to the court are not enough to satisfy their claims.

It should be noted that in July of 2004, FIM bank brought a $6.5 million suit against Azerbaijan. The reason of it was Azerbaijan's Pochtbank's obtaining a credit from FIMbank. Pochtbank showed in its documents that funds to be received by it will be utilized for purchasing of new equipment for the Baktell and Aztell enterprises owned to the Ministry of Communication and Information Technologies.

In case Pochtbank is unable to repay the credit, the Ministry will repay it. The Ministry, in its turn, claims that it is uninformed about this issue. The Ministry says that the Baktell and Aztell companies do not exist and it did not Pochtbank any document on the credit.

In connection with this trial, Azerbaijan's 500 thosuand stocks in the Eutelsut Company in France and a $1.1 million share in the Intelsut Company in Bermudas were sequestrated. Azerbaijan can again own its stocks and share only after the trial is terminated.

URL: http://www.today.az/news/business/25152.html

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