Azerbaijan raises claim against Lebanese firm
Azerbaijan has filed a legal claim against Lebanese
Ruby Rose Group S.A.R.L. alleging that it has failed to fulfill its
investment commitments with poultry producer Siyazan Broiler. The
dispute is to be heard before the London Court of Arbitration in
April.
At present, an Austrian audit company is assessing the investment activity of Ruby Rose Group S.A.R.L. in the 2000-2004 period for the State Committee for the Management of State Property. Preliminary estimates show that the company has fallen short of its production revitalization and development obligations.
99.17% of Siyazan Broiler OJSC`s shares were sold in 2000 to the Lebanese company which transferred $1.5m into the state budget. Under a deal signed in September 2000, the Lebanese company was to invest $35m in the enterprise, but invested only $3-4m. In August 2006, an Azerbaijani court ruled to nullify the results of the investment following a claim by Siyazan Broiler staff, and the shares became property of the state again.
At present, an Austrian audit company is assessing the investment activity of Ruby Rose Group S.A.R.L. in the 2000-2004 period for the State Committee for the Management of State Property. Preliminary estimates show that the company has fallen short of its production revitalization and development obligations.
99.17% of Siyazan Broiler OJSC`s shares were sold in 2000 to the Lebanese company which transferred $1.5m into the state budget. Under a deal signed in September 2000, the Lebanese company was to invest $35m in the enterprise, but invested only $3-4m. In August 2006, an Azerbaijani court ruled to nullify the results of the investment following a claim by Siyazan Broiler staff, and the shares became property of the state again.
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