Arbitration Court of appeal in Moscow to hear on April 3 a complaint by CIS Interstate Bank against Armenian plant Nairit

YEREVAN, March 22. / ARKA /. The 9th Arbitration Court of Appeal in Moscow will hear on April 3 a complaint by CIS Interstate Bank against Armenian synthetic rubber plant Nairit. The Interstate Bank wants Nairit to pay it $25.183 million.

Nairit Plant, once the only manufacturer of synthetic rubber in the former Soviet Union, acted as the guarantor of a loan, which was issued to its owner - Rhinoville Property Limited. On March 20 the court returned the lawsuit  because it was filed in violation of the rules of jurisdiction. The lawsuit, according to the ruling of the court, shall be filed at the location of the defendant, which is registered in Yerevan, Armenia, RIA Novosti reported.

Besides, on May 14 May 14 the court will continue the hearing on the lawsuit of the bank against Rhinoville Property Limited. The Interstate Bank demands that Rhinoville Property Limited pay back $25.183 million. It claims $16.764 million which Rhinoville Property Limited took from the $70-million credit line that the bank opened for the company in 2006 and $8.419 million as penalty. The previous hearing  was postponed because the court did not have information about whether the  defendant had been notified about it.

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 its products  chloroprene rubber- to EU countries, Russia (about 30% of the exports), the United States and 20 other countries. 

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 operates with a 100-percent presence of the state capital of its members. The bank promotes development of CIS member countries’ economies. -0-