TODAY.AZ / Business

Lawyer of Ibrahim Mammadov refuted news concerning “Azpetrol” published in press

17 January 2006 [05:42] - TODAY.AZ
Ramiz Hasanov, the lawyer of Ibrahim Mammadov, the founder of the “Azpetrol Oil Company” Limited Liability Company (LLC) held a press-conference today.

As APA informs, the lawyer said that the company mentioned above had been established by I.Mammadov on September 3, 1999 with the authorized fund amounting to 10 million manats and the ownership capital of the company equals to 33,9 milliard manats at present.

I.Mammadov delivered 99,5% of the shares of the company to the foreign company “Devola Holding” in 2001 upon the recommendation of the president of the “Azpetrol Oil Company” (his name is not announced – ed.) on the basis of a “gentleman's agreement”.

It should be noted that the lawyer noted that he will publish the name of the president in the next press-conference. After this the administration right of the company was charged to the president by proxy of the founders. According to his words, then the “Azertrans” and “Azpetrol” companies were established by the “Azpetrol Oil Company”, and 100% shares of “Azertrans” in 2004 and “Azpetrol” in 2005 were handed over to the “Allied Meridian Oil&Gas Group B.V.” (present “Azpetrol International Holding B.V.”) on the free of charge basis.

However, “Azpetrol International Holding B.V.” returned 99,5% of the shares of “Azpetrol Oil Company” to I.Mammadov subsequently: “At that time I.Mammadov understood that the properties and rights of the companies had been completely delivered to the foreign company. After I.Mammadov realized that he had been deceived he started negotiations with the president of the company for restoration of his rights, and as the negotiations turned out no results, he appealed to the Court of Economy. The actions of I.Mammadov against the Ministry of Justice, juridical person of the Kingdom of Netherlands “Azpetrol International Holding B.V.” and its daughter enterprise “Azpetrol Group B.V.” were satisfied in the court. “Azpetrol International Holding B.V.” and its daughter enterprise “Azpetrol Group B.V.” acting as a third person did not agree to it and appealed to the Court of Appeal.

At present those companies pass preconceived information to the public in order to influence the decision of the Court of Appeal and procreate confusion in the society. The information spread damages business image of Azerbaijan, local companies and Ibrahim Mammadov both in the country and abroad”.

The lawyer said that it is often said in the press that the companies of the Kingdom of Netherlands mentioned above and their representatives had confiscated properties worth $300 million. It is unknown for them that when by whom and by means of which bank tools these means were invested: “The partners of I.Mammadov who are said to invest these means have not got in touch with him so far. I.Mammadov himself is interested that where these investments are located and who the partners are.

The investigations conducted by him up today have not given any results. It was revealed during the investigation that insignificant capital invested by the companies mentioned above had been returned back in full volume. In addition, profits occurred as a result of activity of the companies were obtained and transferred into their accounts in the foreign banks. Those companies used the terminal which is the property of the “Azertrans” company as a deposit and obtained $30 million of credit from the foreign bank. At the same time, about $15 million belonging to “Azertrans” were limited in the accounts of the bank granting the credit”.

The lawyer also added that the information spread in the press saying that the future of over 4000 employees of “Azpetrol Oil Company”, “Azpetrol LTD” and “Azertrans LTD” who are also the Azeri citizens is not known is improbable.


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