Moscow court of arbitration to hear Nairit case on August 23
09.08.2013,
15:28
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 August 23 , Russian Legal Information Agency said. 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.
YEREVAN, August 9, / 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 August 23 , Russian Legal Information Agency said. 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.
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. Previous hearings were postponed because of different reasons.
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-
