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MOSCOW COURT OF ARBITRATION TO HEAR NAIRIT CASE ON AUGUST 23
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. RHinŠ¾ville 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-
- See more at:
http://arka.am/en/news/economy/moscow_court_of_arbitration_to_hear_nairit_case_on _august_23/#sthash.ECPTRIup.dpuf
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. RHinŠ¾ville 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-
- See more at:
http://arka.am/en/news/economy/moscow_court_of_arbitration_to_hear_nairit_case_on _august_23/#sthash.ECPTRIup.dpuf