FimBank to fulfill pro-Azeri court decision by May 3

"The bank sent a letter to Azeri lawyers saying it will fulfill the decision. If the decision is fulfilled by that time, Paris Appeals Court will consider the bank's appeal against the 10 November 2006 decision on the same day," Azerbaijan's Communications and Information Technologies Ministry lawyer Bakhtiyar Mammadov told APA-Economics.

The Court had put an arrest on the stocks and dividends of Azerbaijan in the European Telecommunications Satellite Organization (Eutelsat) in 2004 amid a row between Azerbaijan and FimBank. The Court also made a decision in January, 2006 to seize the stocks on the basis of the false documents submitted to the court by FIMBank.

On November 10, 2006, Paris Higher Instance Court overruled the decision, and lifted the arrest on the stocks and fined FIMBank EUR 5,000, which was to be paid to the Government of Azerbaijan.

Besides, FimBank was to pay EUR 900 for legal expenses suffered by Azerbaijan. But, FimBank didn't fulfill the decision and appealed against it.

Azerbaijan demanded that the decision has to be fulfilled before the appeal is considered on May 3, 2007.

The court will also sit on May 10, 2007 to consider Azerbaijan's appeal against the January 2006 decision on keeping Azerbaijan's stocks as collateral security.