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. 

Rhinоville 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---