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BJNI MINERAL WATER COMPANY ACQUISITION WAS UNFAIR BOTH LEGALLY AND HUMANLY
ArmInfo
2010-02-01 14:38:00
ArmInfo. Bjni Mineral Water Plant CJSC has again announced that
the company's property was sold with violations of the law while
the company was registering documentation on bankruptcy. Earlier on
December 25 2009 the movable and immovable property of the plant,
the right to the usage of minerals and other property rights of the
company were sold to Armenian Royal Cigarette CJSC belonging to Ruben
Hayrapetyan, Armenian parliamentarian. Bjni company representatives say
a number of violations of the law were made in the sales procedures.
In particular, during the first sale of the plant's property in
February 2009 the abovementioned Armenian Royal Cigarette for 4
billion drams in cash despite the standards of non-cash calculation
of such deals.
"Under pressure of Bjni Company and Mass Media, the authorities
resolved to act in the other way, specifically, they recognized
the auction null. Not waiting for the decision to come into force,
the 4 billion drams cash were returned to the frustrate buyer", the
company representatives say. Not waiting for the decision recognizing
the auction null, the Judicial Acts Execution Service of the Armenian
Justice Ministry applied to the General Court of Kotayk region for
declaring Bjni bankrupt. The application was satisfied. "During
the process, the director and the shareholders of the company were
deprived of the possibility to observe the process. In particular,
the shareholders were not allowed to the first assembly of creditors.
Afterwards, the regulator of the bankruptcy procedure mediated for
setting the company's property to auction and did not inform the
shareholders. Hence, the shareholders could not dictate the starting
price. The final price was 5.184 billion drams," the statement of
the company says.
After the first auction, not waiting for the court decision to cancel
the auction, the regulator of the procedure again mediated for sale of
the property for 4,3 billion drams (inclusive of VAT) before February
2 2014 on terms of extension of payment. The buyer was again Armenian
Royal Cigarette. For that purpose, the regulator convened assembly
of creditors with participation of the Committee of State Revenues
and another creditor, who allowed the deal. "The Court adopted an
illegal decision allowing the given deal," the statement says.
"The contract with Armenian Royal Cigarette CJSC on payment of the
transaction amount openly shows that the company had no necessary
amount of sum then and the authorities resolved to present it with
Bjni property. Armenian Royal Cigarette is not as fair buyer both
legally and humanly," the company says. In October 2008 the Armenian
authorities sequestrated the property of Bjni plant because of tax
claims and set it to an e-auction. The amount of confiscation was 4.6
billion drams. Ruben Hayrapetyan, parliamentarian and businessman,
acquired the plant for $14.5 million from auction and then refused
from the acquisition and the auction results were recognized invalid.
Earlier the plant belonged to Khachatur Suskiasyan, parliamentarian
and businessman, who openly supported the radical opposition led
by the first president Levon Ter-Petrosyan during the presidential
election of 2008. He was wanted after mass unrest of March 1 2008. In
September 2009 criminal prosecution against him was stopped on his
own recognizance.
From: Emil Lazarian | Ararat NewsPress
ArmInfo
2010-02-01 14:38:00
ArmInfo. Bjni Mineral Water Plant CJSC has again announced that
the company's property was sold with violations of the law while
the company was registering documentation on bankruptcy. Earlier on
December 25 2009 the movable and immovable property of the plant,
the right to the usage of minerals and other property rights of the
company were sold to Armenian Royal Cigarette CJSC belonging to Ruben
Hayrapetyan, Armenian parliamentarian. Bjni company representatives say
a number of violations of the law were made in the sales procedures.
In particular, during the first sale of the plant's property in
February 2009 the abovementioned Armenian Royal Cigarette for 4
billion drams in cash despite the standards of non-cash calculation
of such deals.
"Under pressure of Bjni Company and Mass Media, the authorities
resolved to act in the other way, specifically, they recognized
the auction null. Not waiting for the decision to come into force,
the 4 billion drams cash were returned to the frustrate buyer", the
company representatives say. Not waiting for the decision recognizing
the auction null, the Judicial Acts Execution Service of the Armenian
Justice Ministry applied to the General Court of Kotayk region for
declaring Bjni bankrupt. The application was satisfied. "During
the process, the director and the shareholders of the company were
deprived of the possibility to observe the process. In particular,
the shareholders were not allowed to the first assembly of creditors.
Afterwards, the regulator of the bankruptcy procedure mediated for
setting the company's property to auction and did not inform the
shareholders. Hence, the shareholders could not dictate the starting
price. The final price was 5.184 billion drams," the statement of
the company says.
After the first auction, not waiting for the court decision to cancel
the auction, the regulator of the procedure again mediated for sale of
the property for 4,3 billion drams (inclusive of VAT) before February
2 2014 on terms of extension of payment. The buyer was again Armenian
Royal Cigarette. For that purpose, the regulator convened assembly
of creditors with participation of the Committee of State Revenues
and another creditor, who allowed the deal. "The Court adopted an
illegal decision allowing the given deal," the statement says.
"The contract with Armenian Royal Cigarette CJSC on payment of the
transaction amount openly shows that the company had no necessary
amount of sum then and the authorities resolved to present it with
Bjni property. Armenian Royal Cigarette is not as fair buyer both
legally and humanly," the company says. In October 2008 the Armenian
authorities sequestrated the property of Bjni plant because of tax
claims and set it to an e-auction. The amount of confiscation was 4.6
billion drams. Ruben Hayrapetyan, parliamentarian and businessman,
acquired the plant for $14.5 million from auction and then refused
from the acquisition and the auction results were recognized invalid.
Earlier the plant belonged to Khachatur Suskiasyan, parliamentarian
and businessman, who openly supported the radical opposition led
by the first president Levon Ter-Petrosyan during the presidential
election of 2008. He was wanted after mass unrest of March 1 2008. In
September 2009 criminal prosecution against him was stopped on his
own recognizance.
From: Emil Lazarian | Ararat NewsPress