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THEIR POLICY WAS AIMED AT DESTROYING NAIRIT, SAYS EX-DIRECTOR
http://en.a1plus.am/1185360.html
14:31 | March 26,2014 | Social
Since 2007, the administration of Yerevan-based Nairit plant has been
carrying out a policy of destroying the plant, a former director of
Nairit told Pastinfo news agency.
Karen Israelyan, who was the director of the plant in 2005-2007,
says for many years attempts have been made to push Nairit out of
the market as the plant became a major competitor for Russian Bayer
company, strengthening its position on the Russian market.
The ex-director blames the current chaos in the plant on the RA
government, which holds 10 percent of the factory's shares. "Should
the government control its stock properly, it could have averted the
unwanted developments in time," he said.
"In August 2006, Rhinoville Property Limited purchased 90% of the
stock in the Nairit rubber plant from HayGazArd for US $40 million.
Rhinoville was obliged to invest about $ 60 million in the factory by
January 2009 and was to be deprived of its share once it violated the
agreement. However, Rhinoville did not fulfill its obligations under
the contract but the Armenian government did not punish the company
and take back the shares," he said.
Let us remind that because of this offshore company, today Nairit
has about $300 million debt.
From: A. Papazian
http://en.a1plus.am/1185360.html
14:31 | March 26,2014 | Social
Since 2007, the administration of Yerevan-based Nairit plant has been
carrying out a policy of destroying the plant, a former director of
Nairit told Pastinfo news agency.
Karen Israelyan, who was the director of the plant in 2005-2007,
says for many years attempts have been made to push Nairit out of
the market as the plant became a major competitor for Russian Bayer
company, strengthening its position on the Russian market.
The ex-director blames the current chaos in the plant on the RA
government, which holds 10 percent of the factory's shares. "Should
the government control its stock properly, it could have averted the
unwanted developments in time," he said.
"In August 2006, Rhinoville Property Limited purchased 90% of the
stock in the Nairit rubber plant from HayGazArd for US $40 million.
Rhinoville was obliged to invest about $ 60 million in the factory by
January 2009 and was to be deprived of its share once it violated the
agreement. However, Rhinoville did not fulfill its obligations under
the contract but the Armenian government did not punish the company
and take back the shares," he said.
Let us remind that because of this offshore company, today Nairit
has about $300 million debt.
From: A. Papazian