Turkish Company Boycotts AXA for Decision to Pay Compensation to Armenian Genocide Victims' Heirs

PanARMENIAN.Net - Turkey's Memur-Sen trade union, which represents 200,000 civil servants, has decided to boycott French insurer Axa after the company agreed to indemnify heirs of victims of the 1915 Turkish genocide of Armenians, union head Ahmet Aksu said. Axa agreed on October 13 to settle a US class action suit by

descendants of the victims of the killings under Ottoman rule. The deal has already prompted OYAK, Axa's industrial venture partner in Turkey, which represents the army pension fund, to say it will

review its situation in the light of the "sensitivities of the Turkish people". In his turn, Press Secretary of the Turkish Foreign Ministry Namik Tan stated that the decision by the French company "will not change Turkey's position on the Armenian Genocide."



To remind, AXA French Company decided to return the $17 million insurance payments to persons, who were insured by Company Turkish branch before 1915 and fell victim of the Armenian Genocide. $3 million will be spent to cover trial expenses, as well as to notify relatives of the Armenian Genocide victims. $11 million will be provided to the foundation that starts returning insurance payments.