TODAY.AZ / Business

Dutch court summons Azerbaijan in connection with FIM Bank row

22 June 2006 [09:37] - TODAY.AZ
Dutch court has sent a letter to Azerbaijani Communications and Information technologies Ministry in connection with a row between Azerbaijani government and FIM Bank of Malta. The letter summons Azerbaijan as a witness.

As APA reports, Dutch court has sent this letter on claim of FIM Bank.

Azerbaijani government raised counterclaim that only relevant persons can participate in the trial and it means individual persons. Sending individuals to Holland demand a lot of money, so Azerbaijani government wanted the court to hold the hearing in Azerbaijan.

But because there is no judiciary agreement between Azerbaijan and Holland, it is impossible to hear the witnesses in Azerbaijan and then send the documents to Holland.

FIM Bank raised a claim of $6.5mln against Azerbaijan in 2004. The reason was that Pochtbank obtained credit from FIM Bank and showed in the contract that the Ministry would repay the credit if it couldn't.

The Ministry claims that it had been unaware of that contract. In connection with this row, 500,000 stocks of Azerbaijan in Eutesult Company (France) and share worth 1 million in Intelsut Company, Bermuda are under arrest.

Azerbaijan can re-own its shares after the trial ends.


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