In Baku, Estonian Entrepreneurs Auctioned Monetary Claim in Bankruptcy

The local official press published the announcement of the Estonian company Seaside Residence Baku OU, which reported on the auction for the sale of financial compensation in the amount of 1,687 thousand euro.

The head of the bankruptcy of Seaside Residence Baku OU, Toomas Saarma will accept applications wishing to participate in the auction until the 15th of October. The monetary claim consists of the shares of the company Delta Land registered in Azerbaijan in the investment project and the debt of the company Seaside Residence Baku OU.

In July 2007, the Investment Company Gild Financial Advisory Service AS in Estonia presented a project for the construction of real estate in Azerbaijan on the Caspian Sea, near the residence of the President of the country.

The project is going to be implemented within three and a half years by the Estonian firm Seaside Residence Baku OU and the Bulgarian company Delta Investment Group. Both companies are owned by three Estonian businessmen.

The company raised money for the project, offering investment units. The minimum value of a unit is 50 thousand euros. Financing the construction of a residential area on the shore of the Caspian Sea in the first phase was supposed through a bank loan and selling shares.

Estonian media reported that the "dream project" for the development of the territory near the seaside town of Baku, Azerbaijan ended in such a way that investors do not have either the money or the land.

According to Turan, the project failed because later they decided at a high level not to give this tidbit on the coast of the Caspian Sea to foreign investors. - 08B-