Azerbaijani Economy 18 march — 14:46

SOCAR on Mubariz Mansimov's arrest

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BY INFORMATION SECTION

In recent days, when discussing the arrest in Turkey of the owner of the Palmali group of companies, Mubariz Mansimov, the State Oil Company of Azerbaijan is mentioned on social networks. In this regard, SOCAR issued a statement.

SOCAR notes that there is no connection between the arrest of Mubariz Mansimov in Turkey and the arbitration proceedings against Palmali in London and Dubai.

'The arrest of Mubariz Mansimov in Turkey, on the contrary, may create an obstacle to his participation in the arbitration proceedings in London and Dubai and delay the fulfilment of his financial obligations. The delay in arbitration proceedings initiated by SOCAR against Palmali in 2018 may have a negative impact on the financial balance of SOCAR, its property and non-property rights. Therefore, this cannot be in SOCAR's commercial interests,' the company said in its statement.

The company's statement notes that SOCAR believes in the effectiveness of the Turkish justice system and unequivocally refutes the possibility of interference in litigation.

It is worth noting that commercial relations existed between SOCAR and Palmali. As a result of default by Palmali, the companies belonging to the SOCAR group began arbitration proceedings against companies belonging to Palmali and Mubariz Mansimov.

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