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INTERSTATE BANK CLAIMS $25 MILLION FROM OWNER OF ARMENIA'S NAIRIT
YEREVAN, February 7. /ARKA/. The Moscow Court of Arbitration will hear
a claim of CIS Interstate Bank to Rhinoville Property Limited, the
owner of Armenia's chemical giant Nairit, on March 18, Novosti-Armenia
reported today referring to Russian Legal Information Agency.
The Interstate Bank demands that Rhinoville Property Limited pay back
$25.183 million, a spokesman of the court told the Russian news agency.
He explained that the plaintiff claims $16.764 million which Rhinoville
Property Limited took fr om the $70-million credit line the bank
opened for the company in 2006 and $8.419 million as penalty.
Nairit was the only plant in the Soviet Union to produce chloroprene
rubber.
The plant was closed in 1989 for environmental reasons and resumed
operating partially in 1992.
In 2001, some production facilities were separated fr om the plant
for producing chloroprene rubber and a debt-free enterprise based on
them was established.
In 2006, 90% of Nairit's shares were sold to British Rainoville
Property Lim ited for $40 million. The remaining 10% belong to the
Armenian government.
RhinŠ¾ville Property Lim ited has been co-founded by the Samex company
(Poland), Intertex (USA) and Evrogaz (Russia).
In April 2010 the plant stopped producing rubber. Before the halt,
the plant sold its products abroad - chloroprene rubber was exported
to EU countries, Russia (about 30% of the exports), the United States
and 20 other countries.
The Interstate Bank operates with a 100-percent presence of the state
capital of members of the Commonwealth of Independent States. The bank
promotes development of CIS member countries' national economies and
their economic integration.
The goal of the Interstate Bank's activity consists in facilitation
to economic integration and development of the national economies of
CIS countries by means of creation of the mechanism of settlements
for effecting trans-border payments in national currencies, crediting
foreign trade operations of CIS countries in national currencies, and
participation in implementation of investment projects of inter-state
significance.
The Interstate Bank was founded in 1993 by ten CIS countries -
Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan,
Turkmenistan, Uzbekistan and Ukraine. The Interstate Bank has its
representative offices in the Republic of Armenia, the Republic of
Belarus and the Kyrgyz Republic.
The highest management body of the Interstate Bank is the Council
of the Bank, consisting of the heads of the central (national)
banks and the representatives of the ministries of finance and other
governmental authorities of the founder States. The office of Chairman
of the Council of the Interstate Bank has been held since May 2011 by
Chairman, Central Bank of the Russian Federation Sergey Ignatiev.-0---
YEREVAN, February 7. /ARKA/. The Moscow Court of Arbitration will hear
a claim of CIS Interstate Bank to Rhinoville Property Limited, the
owner of Armenia's chemical giant Nairit, on March 18, Novosti-Armenia
reported today referring to Russian Legal Information Agency.
The Interstate Bank demands that Rhinoville Property Limited pay back
$25.183 million, a spokesman of the court told the Russian news agency.
He explained that the plaintiff claims $16.764 million which Rhinoville
Property Limited took fr om the $70-million credit line the bank
opened for the company in 2006 and $8.419 million as penalty.
Nairit was the only plant in the Soviet Union to produce chloroprene
rubber.
The plant was closed in 1989 for environmental reasons and resumed
operating partially in 1992.
In 2001, some production facilities were separated fr om the plant
for producing chloroprene rubber and a debt-free enterprise based on
them was established.
In 2006, 90% of Nairit's shares were sold to British Rainoville
Property Lim ited for $40 million. The remaining 10% belong to the
Armenian government.
RhinŠ¾ville Property Lim ited has been co-founded by the Samex company
(Poland), Intertex (USA) and Evrogaz (Russia).
In April 2010 the plant stopped producing rubber. Before the halt,
the plant sold its products abroad - chloroprene rubber was exported
to EU countries, Russia (about 30% of the exports), the United States
and 20 other countries.
The Interstate Bank operates with a 100-percent presence of the state
capital of members of the Commonwealth of Independent States. The bank
promotes development of CIS member countries' national economies and
their economic integration.
The goal of the Interstate Bank's activity consists in facilitation
to economic integration and development of the national economies of
CIS countries by means of creation of the mechanism of settlements
for effecting trans-border payments in national currencies, crediting
foreign trade operations of CIS countries in national currencies, and
participation in implementation of investment projects of inter-state
significance.
The Interstate Bank was founded in 1993 by ten CIS countries -
Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan,
Turkmenistan, Uzbekistan and Ukraine. The Interstate Bank has its
representative offices in the Republic of Armenia, the Republic of
Belarus and the Kyrgyz Republic.
The highest management body of the Interstate Bank is the Council
of the Bank, consisting of the heads of the central (national)
banks and the representatives of the ministries of finance and other
governmental authorities of the founder States. The office of Chairman
of the Council of the Interstate Bank has been held since May 2011 by
Chairman, Central Bank of the Russian Federation Sergey Ignatiev.-0---