Moscow court rules that owner of Armenian chemical plant pay $107 million to interstate bank

Moscow court rules that owner of Armenian chemical plant pay $107 million to interstate bank

YEREVAN, January 22 . / ARKA /. The Moscow Arbitration Court ruled on Wednesday that Rhinoville Property Limited, the owner of Nairit chemical plant in Armenia, (it was the sole producer of synthetic rubber in the former Soviet Union) pay $107.95 million to the Interstate Bank, Russia agency for legal and judicial information (RAPSI) reported.

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. Representatives of the defendant, as well as Nairit did not attend the court session despite being notified.

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. 

In 2013 February the court returned the lawsuit against the bank on grounds that it was filed with a violation of the rules, but the appeal court overturned this ruling. The new court hearing on this lawsuit is scheduled for March 11.

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 Rainoville 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 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-

15:35 22.01.2014

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