Paris Appeals Court to answer Azerbaijan’s appeal against arrest of stocks on June 7

Paris Appeals Court to answer Azerbaijan’s appeal against arrest of stocks on June 7
# 14 May 2007 12:35 (UTC +04:00)
On May 3 Paris Appeals Court considered Malta’s FimBank’s appeal against 10 November, 2006 verdict returned by Paris Higher Instance Court in favor of Azerbaijan, Azerbaijan’s Communications and Information Technologies Ministry lawyer Bakhtiyar Mammadov told APA-Economics. On November 10, 2006, Paris Higher Instance Court overruled the previous decision, and lifted the arrest on the stocks and fined FIMBank EUR 5,000, which was to be paid to the Government of Azerbaijan.
Besides, FimBank was to pay EUR 900 for legal expenses suffered by Azerbaijan.
The court will announce its decision in late May. After announcement of the decision, the court will sit on June 7, 2007 to consider Azerbaijan’s appeal against the January 2006 decision on keeping Azerbaijan’s stocks as collateral security.
The Court had put an arrest on the stocks and dividends of Azerbaijan in the European Telecommunications Satellite Organization (Eutelsat) in 2004 amid a row between Azerbaijan and FimBank. The Court also made a decision in January, 2006 to seize the stocks on the basis of the false documents submitted to the court by FIMBank. /APA-Economics/

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