"Palmali Holding" declared bankrupt

Palmali Holding Company Limited, which is owned by businessman Mubariz Mansimov, accused of being a member of FETO Terrorist Organization on March 17, has been declared bankrupt, Report informs, citing foreign media.

According to the information, the Holding owes nearly $900 million to banks of different countries. The decision made by the UK Supreme Court covers not only Palmali Holding Company Limited and Mubariz Mansimov but also all assets they own and are linked to. The Court said Mubariz Mansimov and the Director-General of the Holding Joanne Spiteri will be brought to responsibility if they don't follow the decision, and all their assets will be confiscated.

Moreover, in the case of unfollowing the decision, accounts of all companies, in which Mubariz Mansimov directly or indirectly participated around the world, will be frozen, and trade operations will be prohibited.

According to the decision of the UK Supreme Court, an arrest was put on assets of Mubariz Mansimov and Palmali Holding in England and Wales worth $261.94 million.