SOCAR: Mubariz Mansimov's detention not to serve company's interests [UPDATE]

18 March 2020 15:40 (UTC+04:00)

By Trend

The State Oil Company of Azerbaijan (SOCAR) is mentioned in some information disseminated on social networks in connection with the detention of Head of Palmali Group of Companies Mubariz Mansimov in Turkey, Trend reports referring to SOCAR.

“The detention of Mubariz Mansimov by the Turkish law enforcement agencies has nothing to do with the arbitration processes to be held in London and Dubai against SOCAR,” the company said. “The detention of Mubariz Mansimov can’t serve SOCAR’s commercial interest.”

“His detention could not be in the commercial interests of SOCAR. The detention of Mubariz Mansimov in Turkey, on the contrary, by hindering his participation in the arbitration proceedings in London and Dubai, may cause delays in fulfilling his financial obligations. The delay in the arbitration proceedings initiated in 2018 by SOCAR against Palmali may have a negative impact on the financial balance of SOCAR, on property and non-property interests, and therefore cannot be in commercial interests,” the source in the company said.

SOCAR believes in the effectiveness of the Turkish justice system and unequivocally rejects the possibility of interference in judicial process.

“Earlier, SOCAR and Palmali have collaborated. However, partners never set up joint ventures. As a result of default by Palmali, the companies belonging to the SOCAR group began arbitration proceedings against the subsidiaries of Palmali and Mubariz Mansimov in 2018. In general, three arbitration proceedings are planned in London and Dubai. The arbitration proceedings, which have been going on for about two years, were canceled precisely because of Palmali," the information says.

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