Turkish army bans AXA from ministry tenders after Armenian compensation

PanARMENIAN.Net - Defense Ministry of Turkey put France-based AXA Holding on banned companies list after 14 years of merger with OYAK Bank which was the Armed Forces Pension Fund's, AXA is banned from bidding for Defense Ministry's tenders until 14 January, 2010, Aksam Turkish newspaper said.

In 1995, AXA compensated some heirs of the Armenian Genocide survivors.

The decision to ban the AXA came after the holding did not fulfill the commitment under an agreement and AXA resort the ban to the jurisdiction.

AXA officials have avoided commenting, saying "The event is under judicial process. We can't make a declaration."
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