Barmek seeks more damages from Azeri government

Barmek seeks more damages from Azeri government
# 03 April 2007 15:25 (UTC +04:00)
Barmek-Azerbaijan Electricity Distribution LLC will claim Azerbaijan government damages worth 450-500 USD in International Center for Settlement of Investment disputes (ICSID), the company president Husseyn Arabul told APA.
He said first estimations of the damage were $300 million. But further audit researches show $ 500 million.
“This case is to be raised in ICSID meeting to be held on May 18. We are insistent on our decision and proved it,” Arabul said.
The company president claims that Azerbaijan government has not signed handover contract with Barmek adding that the company continuous to work on technological research and programming in Baku.
The management contract between Azerbaijani government and Barmek was denounced on July, 2006. / APA/

Politics

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