Altes Group is not permitted to sell apartments

Civil Board of Baku Court of Appeal and the Supreme Court of Azerbaijan upheld the decision of the District Court of Binagadi District of Azerbaijan Republic prohibiting the sale of residential real estate in the newly constructed high-rise buildings by the holding Altes Group in the following addresses:

- Ismail Gutgashenly Street 507-511 (residential complex «ALTES PLAZA»)

- Basti Bagirova Street  592 (residential complex «EMERALD PALACE»)

- Hasanbay Zardabi Street 569 (residential complex «ACADEMY HOUSE»), reads the press release received by Turan agency on behalf of one of the founders of Altes Group,  Fatali Novruzaliev.

According to him, under a court decision, the developers of the above mentioned houses of the company “Nur-Inşaat” and «Farid-Inşaat» MMC must necessarily suspend the sale of residential real estate there.

The reason for the seizure of residential apartments  is the differences between the founders of Altes Group. Thus, the owners of 22% shares  of the holding  decided to leave  board of shareholders, and  receive in cash their share funds. Taking into account the fact that a number of other founders of Altes Group prevented this intention, the matter was referred to the court.

In October of 2012, after a six-month trial  the Binagadi District Court  suspended  the sale of apartments in ALTES PLAZA, EMERALD PALACE and ACADEMY HOUSE, and the Civil  Board of the Baku Court of Appeal and the Supreme Court upheld the ban on the sale of residential real estate in these homes.

Currently, representatives of «Farid-Inşaat» and «Nur-Inşaat» must suspend the sale of apartments in these residential buildings. -02D-


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