$135 million of assets of Azerbaijani businessman Telman Ismailov have been frozen by the Nicosia District Court (Cyprus) to comply with the suit of Sezaria Ltd, a creditor of Tandum (manager of the assets). The Mardan Palace hotel in Turkey was arrested, abc.az reports.
The lawsuit was filed due to Ismailov’s failure to pay a debt of $100 million. The deadline to pay the sum was September 1, 2013. In May 2013, Ismailov gave personal surety to the creditor.
The International Court of Arbitration in London will soon start hearings into the case.
