Tweet
ARMENIA'S NAIRIT RUBBER FACTORY HAS BECOME PROPERTY OF CIS INTERSTATE BANK
news.am
February 16, 2012 | 17:09
YEREVAN. - Today Armenia's Nairit Rubber Factory is the property of
CIS Interstate Bank, and Energy and Natural Resources Minister Armen
Movsisyan confirmed this on Thursday.
To note, the offshore Rhinoville Property Limited, which is Nairit's
primary owner, had taken a US$ 70-million loan from the aforementioned
Bank in 2006, and it had put up the Factory as collateral. The loan
was received for the Factory's upgrading and for investments, but it
was not used for its proper purpose.
Armen Movsisyan, however, informed that several leading companies
continue to show an interest in Nairit.
The Minister also noted that there will be downsizing at the Factory,
once the new administrator is confirmed. This concerns the laying
off of 400 employees, which, as per Armen Movsisyan, is not a great
number, considering the total of 3,000 employees.
Also, a five-month salary debt has accrued at present.
news.am
February 16, 2012 | 17:09
YEREVAN. - Today Armenia's Nairit Rubber Factory is the property of
CIS Interstate Bank, and Energy and Natural Resources Minister Armen
Movsisyan confirmed this on Thursday.
To note, the offshore Rhinoville Property Limited, which is Nairit's
primary owner, had taken a US$ 70-million loan from the aforementioned
Bank in 2006, and it had put up the Factory as collateral. The loan
was received for the Factory's upgrading and for investments, but it
was not used for its proper purpose.
Armen Movsisyan, however, informed that several leading companies
continue to show an interest in Nairit.
The Minister also noted that there will be downsizing at the Factory,
once the new administrator is confirmed. This concerns the laying
off of 400 employees, which, as per Armen Movsisyan, is not a great
number, considering the total of 3,000 employees.
Also, a five-month salary debt has accrued at present.