Azeri gov’t wins FIM Bank suit
A Dutch court last week overruled a lawsuit filed against the
Azerbaijani government by Malta’s First International Merchant Bank
(FIM Bank) and ruled that the bank is required to pay 20,590 euro
compensation to Azerbaijan, according to the Ministry of
Communication and Information Technologies.
The plea, filed with the Rotterdam court, had demanded payment worth $6.775 million for what the plaintiff said was outstanding debt.
The dispute emerged after local Pochtbank, which faced considerable debt, submitted documentation allegedly on behalf of the Azerbaijani government, seeking a loan from FIM Bank. Though the bank was aware that the documents were not authentic, the loan was allocated under the agreements reached. The papers indicated that on account of the credit, telecommunication equipment would be allegedly purchased for Aztell and Baktell companies run by the communications ministry, which, in fact, were non-existent, and that the ministry would guarantee the repayment of the borrowed funds. Since Pochtbank was unable to repay the loan, FIM Bank took the case to courts in several countries in a bid to receive the loan from the government.*
The plea, filed with the Rotterdam court, had demanded payment worth $6.775 million for what the plaintiff said was outstanding debt.
The dispute emerged after local Pochtbank, which faced considerable debt, submitted documentation allegedly on behalf of the Azerbaijani government, seeking a loan from FIM Bank. Though the bank was aware that the documents were not authentic, the loan was allocated under the agreements reached. The papers indicated that on account of the credit, telecommunication equipment would be allegedly purchased for Aztell and Baktell companies run by the communications ministry, which, in fact, were non-existent, and that the ministry would guarantee the repayment of the borrowed funds. Since Pochtbank was unable to repay the loan, FIM Bank took the case to courts in several countries in a bid to receive the loan from the government.*
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