TODAY.AZ / Business

Azerbaijan is free of paying $ 150 million fine

29 July 2005 [08:17] - TODAY.AZ
A press-conference dedicated to abolishing the pretension in the amount of $ 150 million against the Azerbaijan Republic, Caspian Shipping Office and “Caspian Specialized Basin Accident-Rescue” Open Stock Company (OSC) was held in the Economic Development Ministry yesterday.
The economic development minister Farhad Aliyev making a speech in the measure said that the sentence which could affect negatively the international influence of Azerbaijan was abolished in the result of intensive and systematic works and the interests of our state are completely protected: “The delegation consisting of the representatives of the Economic Development, Foreign Affairs and Justice Ministries, Caspian Shipping Office and “Caspian Specialized Basin Accident-Rescue” Open Stock Company visited the Republic of Southern Africa and conducted relevant talks there during the passed period.

Several acts of the Republic of Azerbaijan, facts and documents related to the case and clauses of the international treaties were studied in the result of the realized works. Meetings with the persons and organizations being significant for the court process were conducted and relevant documents were prepared for being presented to the court in the Republic of Southern Africa.

The pretension was abolished after all documents were investigated in the court and a truce agreement was signed on July 18. $ 150 million is a very great number for us. This number equals to 10 % of the state budget of 2004. It is possible to construct 50 residential buildings each having 60 flats for these means”.

We should note that the “Tigr” ship belonging to the “Caspian Specialized Basin Accident-Rescue” OSC suffered bad weather conditions near Cape Town city of the Republic of Southern Africa when carrying the “BOS 400” ship belonging to the “Bouygues Offshore” company it had taken in tow on June 26 of 1994, the “BOS 400” ship went down in the result and it was impossible to rescue it.

The owner of the “BOS 400” ship “SAIPEM SA” company and insurers of the ship put forward the pretension against the “Caspian Specialized Basin Accident-Rescue” OSC on compensating the damage after this accident. The government of Azerbaijan was imposed $ 150 million fine according to the resolution dated 1 July, 2005.



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