TODAY.AZ / Business

Government terminated the agreement with "Fondel"

01 March 2006 [13:13] - TODAY.AZ
Azerbaijan Government terminated the agreement signed with the Holland Company "Fondel", leased Azeraluminium joint-stock company for 25 years, informed the principal office of "Fondel".

The information reads that Government undertook the responsibility of supervision to the control of the Company from October last year. But they put an end to the agreement in February.

Though the committee of the state property administration didn't assert the breaking of the agreement, they say that they won't fulfill the commitments of "Fondel" Company.

Meanwhile, the committee held a monitoring connected with the fulfillment of the commitments in the institutions which were privatized or leased. As a result of the inspection in "Azeraluminium", it was clear that the investments put into the joint-stock company are very less than the amount considered in the agreement.

Though "Fondel" metal undertook the commitment of putting $200 million capital in 3 years, didn't do it within last 5 years.

At the same time, the company didn't fulfill the commitments on employment of new technologies and ecological security.

The committee also stated that although they send a notification to the "Fondel" Company, they attached no importance to it.

URL: http://www.today.az/news/business/23742.html

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