State to Pay Compensation to Shareholders of Baki Elvan Metal

Today Baku Court of Appeal partially satisfied the claim of Baki Elvan Metal against the Ministry of Transport for damages arising from the construction of the road in the Buzovna settlement of Baku.

In 2010, part of the assets of the former plant processing non-ferrous metals was demolished as part of the project of construction of the road. However, for unknown reasons, this enterprise located on 5.3 hectares of land was not included in the list of owners who have received adequate compensation from the state budget. The trial lasted from 2013.

The plaintiff demanded compensation of 6 million manat. Forensics assessed damages of 3.8 million manats. However, the Ministry of Transport and the Ministry of Finance, as well as Azeryolservis presented documents that JSC Baki Elvan Metal artificially inflated the area demolished for state needs. According to the results of the proceedings, the court decided to grant compensation of 969 thousand manat from the state budget.

Ltd. Baki Elvan Metal has about 200 shareholders. The state represented by the State Committee on Property has its 30% stake. The authorized capital is 1.6 million manat. For each share the owners will receive approximately 1 manat.

The further fate of the JSC will be known after the shareholders have received the compensation, the chairman of the company Rafael Tagiyev told Turan. Today the JSC has only about 4 hectares of state land. --- 08C