SOCAR: Detention of Mubariz Mansimov can’t be in commercial interests of company

# 14:35
18 March 2020

The title of SOCAR company has been mentioned in various speculations disseminated in social networks in regard to detention in Turkey in recent days of the head of “Palmali” group of companies Mubariz Mansimov, the information issued by SOCAR reads, “APA-Economics” reports.

“We state that the detention of Mubariz Mansimov in Turkey by law enforcement agencies does not have any relevance to the arbitral proceedings that will be conducted in London and Dubai against SOCAR group of companies. On the contrary, the detention of Mubariz Mansimov in Turkey hampers his participation in the arbitral proceedings in London and Dubai and can delay fulfillment of his financial obligations. The protraction of the arbitral proceedings initiated by SOCAR against “Palmali” group of companies since 2018 can exert negative impact on financial balance, proprietary rights and non-proprietary interests of SOCAR, and therefore this cannot be in the commercial interests of SOCAR”, the information reads.

SOCAR believes in efficiency of Turkey’s justice system and categorically refutes the suppositions of interference in the court proceedings.
Note that earlier the cooperation relations existed between SOCAR and “Palmali” companies. However the partners have never established a joint venture. Due to “Palmali” company’s failure to fulfill its obligations, the member companies of the SOCAR group of companies have initiated the arbitral proceedings against the member companies of the “Palmali” group of companies and Mubariz Mansimov since 2018. It has been envisaged to conduct a total of three arbitral proceedings in London and Dubai cities. The arbitral proceedings being continued for about two years have been postponed just by “Palmali” on various grounds.