TODAY.AZ / Business

Barmek's claim for damages illegal, official says

08 April 2007 [11:40] - TODAY.AZ
Barmek Azerbaijan Electricity Distribution LLC's claim for compensation worth $500 million in International Center for Settlement of Investment disputes (ICSID) has no legal base, Deputy Minister of Economic Development Mikayil Jabbarov told journalists.

Jabbarov said Azerbaijani government has also sued Barmek LLC and it is investigated by local courts.

Deputy Minister said Azerbaijan government is planning to response the letter which was sent by Barmek to ICSID on April 2. Commenting on the handover contract with Barmek he said company had not paid its debts yet.

"Barmek wanted the government to assume the responsibility on its debts. We offer that Bakelectricshabaka and Sumgaitelectricshabaka should assume Barmek debts but transfer 10% of debts to Barmek LLC's account. Barmek wants the debts to be used for absorption of its debts to Azerenergy, Jabbarov said, APA reports.

URL: http://www.today.az/news/business/39041.html

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