Moscow court of arbitration upholds interstate bank’s claim to Armenian plant Nairit for recovery of $25.183 million

Moscow court of arbitration upholds interstate bank’s claim to Armenian plant Nairit for recovery of $25.183 million

YEREVAN, March 11. / ARKA /. The Moscow Court of Arbitration has upheld today an Interstate Bank’s claim to Armenian chemical plant Nairit for the recovery of $25.183 million, Russian Legal Information Agency reported. 

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 was set up by Polish Samex, US Intertex and Russian Eurogaz.  In April 2010 the plant stopped producing rubber. Before the halt, it sold synthetic rubber to EU countries, Russia (about 30% of the exports), the United States and 20 other countries. 

In 2013 January the Moscow Arbitration Court ruled that Rhinoville Property Limited pay $107.95 million to the Interstate Bank - $68.6 million of principal debt as well as interests and penalty on an Interstate Bank loan. 

According to media reports, in 2006 the Interstate Bank opened a $70 million credit line for Rhinoville Property Limited. The Interstate Bank filed also another lawsuit against Nairit, which acts as a guarantor of the loan, for the recovery of $25.183 million. 

A bank representative told the court today that Rhinoville Property Limited stopped paying interest on loan from January 2010. The case was heard in the absence of representatives of the defendant, who were duly notified of the dispute.

Interstate Bank is an international settlement bank and a credit institution. All its capital is held by several former Soviet republics, making the Commonwealth of Independent States. -0-

17:09 11.03.2014

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