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CIS INTERSTATE BANK LIKELY TO WRITE OFF ARMENIAN NAIRIT PLANT'S DEBT- CENTRAL BANK CHAIRMAN SAYS
YEREVAN, April 2. / ARKA /. The CIS Interstate Bank may write off the
debt of Narit chemical plant in Yerevan and return the bank's shares
to the Armenian government, Central Bank chairman Artur Javadyan told
a Cabinet session today.
"We asked the Interstate Bank to show goodwill and write off the
plant's debt and return its secured shares to the Armenian government
given the fact that its chances of repaying the debt are equal to
zero," Javadyan said.
According to him, the plant's debt stands at 102 billion drams,
including 63 billion dram to be paid as loans.
Javadyan said the "Interstate Bank has already removed the debt from
its balance sheet and it is likely to write the debt off.
On January 22, 2014 the Moscow Arbitration Court ruled that Rhinoville
Property Limited, the owner of Nairit chemical plant in Armenia
pay $107.95 million to the Interstate Bank. Particularly, the court
ordered that the company pay $68.6 million of principal debt as well
as interests and penalty on an Interstate Bank loan.
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 2006, 90% of Nairit's shares
were sold to British Rhinoville Property Limited for $40 million. The
remaining 10% belong to the Armenian government.
Rhinоville Property Limited has been co-founded by the Samex company
(Poland), Intertex (USA) and Evrogaz (Russia). In 2010 production
was suspended at the plant. The back wages in late 2013 were worth
$12 million.
The Interstate Bank was founded in 1993 by ten CIS countries -
Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan,
Turkmenistan, Uzbekistan and Ukraine. The bank promotes development
of CIS member countries' national economies. -0-
http://arka.am/en/news/economy/cis_interstate_bank_likely_to_write_off_armenian_n airit_plant_s_debt_central_bank_chairman_says/#sthash.QNd4xADE.dpuf
YEREVAN, April 2. / ARKA /. The CIS Interstate Bank may write off the
debt of Narit chemical plant in Yerevan and return the bank's shares
to the Armenian government, Central Bank chairman Artur Javadyan told
a Cabinet session today.
"We asked the Interstate Bank to show goodwill and write off the
plant's debt and return its secured shares to the Armenian government
given the fact that its chances of repaying the debt are equal to
zero," Javadyan said.
According to him, the plant's debt stands at 102 billion drams,
including 63 billion dram to be paid as loans.
Javadyan said the "Interstate Bank has already removed the debt from
its balance sheet and it is likely to write the debt off.
On January 22, 2014 the Moscow Arbitration Court ruled that Rhinoville
Property Limited, the owner of Nairit chemical plant in Armenia
pay $107.95 million to the Interstate Bank. Particularly, the court
ordered that the company pay $68.6 million of principal debt as well
as interests and penalty on an Interstate Bank loan.
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 2006, 90% of Nairit's shares
were sold to British Rhinoville Property Limited for $40 million. The
remaining 10% belong to the Armenian government.
Rhinоville Property Limited has been co-founded by the Samex company
(Poland), Intertex (USA) and Evrogaz (Russia). In 2010 production
was suspended at the plant. The back wages in late 2013 were worth
$12 million.
The Interstate Bank was founded in 1993 by ten CIS countries -
Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan,
Turkmenistan, Uzbekistan and Ukraine. The bank promotes development
of CIS member countries' national economies. -0-
http://arka.am/en/news/economy/cis_interstate_bank_likely_to_write_off_armenian_n airit_plant_s_debt_central_bank_chairman_says/#sthash.QNd4xADE.dpuf