Mr. Abbasov said Daewoo Telecom is the company which took part in modernization of the telephone system of Nakhchivan and has been ruined now.

"There were some problems with the contract terms. We have therefore stopped payment since 2002. I think there will be no problem with the Korean Government."

Mr. Abbasov said experts estimated that $4.5mn has to be paid to the company but not $9.5mn, APA reports.

Touching upon the other claim against the Government, the Minister said the row with Malta's Fim Bank is at the final stage and the witnesses give testimony now.