TODAY.AZ / Business

Ministry of Communication and Information Technologies of Azerbaijan can not pay $50 million debt

23 June 2005 [09:11] - TODAY.AZ
The former Communication Ministry left about $50 million debt for the new Ministry of Communication and Information Technologies(MCIT).
According to the information received by APA , this sum  was due to not paying the credit debts of great amount to different companies, organizations, banks and etc back in time. MCIT owes $2 million 600 thousand to “Netash” company of Turkey at the moment. If this debt which borrowed in 1993 is not paid back by the end of the year MCIT will have to pay $5.5 million.

The Ministry is to pay $12 million 800 thousand to “Hesfibel” company of Turkey which was borrows in 1992.The MCIT owes $7 million to “Deu Telecom” company of Korea (borrowed in 1998).

The amount of the debt (borrowed in 1999) to “Fin Bank” which has become popular recently  is also high. “Fin Bank” demands $5.5 million from Azerbaijan. The Ministry owes $7 million to the People’s Republic of Yemen. Besides, the new Ministry owes great amount of debts to different state organizations and companies.  “Aztelecom” Production  owes $5 million 500 thousand to the International Bank for the debt borrowed in 200-2001, and owes $1 million to the National Bank, Baku Telephone Communication Production is to pay $2 million to the National Bank.

According to the approximate calculations, it is possible to reconstruct the communication of Baku city meeting international standards and 80% of this work can be done in the regions by means of 50 million dollars. The source informed APA about it told that, the MCIT does not know how and when to pay these debts back.

It must be noted that, the accounts of Azerbaijan in several countries were imprisoned on the account of such debts. The court process between the “Fin Bank” and MCIT is on. If the debts are not paid back the shares of Azerbaijan in other countries could be imprisoned. The MCIT has not expressed opinion on the matter.

URL: http://www.today.az/news/business/19715.html

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