Court seizes AzEuroTel bank assets

25 Feb 2009

According to APA, the 1st Local Economic Court of Azerbaijan has seized the bank assets of UK-Azeri joint venture AzEuroTel for non-payment of its USD1 billion debt to state-owned telco AzTelekom. The assets will remain under court control until AzEuroTel pays all of its debts. AzTelekom filed a lawsuit against AzEuroTel with the Baku Economic Court earlier this week, stating it will stop services offered by a joint venture between itself and AzEuroTel if the latter fails to pay a number of outstanding charges for interconnection services. The trial will take place on 4 March 2009.

Azerbaijan, AzEuroTel, AzTelekom