Moscow Court Of Arbitration Puts Off Preliminary Hearing Of Intersta

MOSCOW COURT OF ARBITRATION PUTS OFF PRELIMINARY HEARING OF INTERSTATE BANK’S CLAIM AGAINST CHEMICAL GIANT OF ARMENIA

by Alexandr Avanesov

ARMINFO
Friday, August 23, 19:17

Moscow Court of Arbitration put off the preliminary hearing of
Interstate Bank’s claim against chemical giant of Armenia, Nairit
Plant, till December 11, 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. The hearing
was postponed for lack of information on summons served, RIA Novosti
reported citing the Russian Legal Information Agency. Previous hearings
were postponed because of different reasons.

The bank 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.

Earlier ArmInfo reported that Rosneft Company is interested in buying
the company. However, the year- long negotiations have not resulted
in an agreement due to the plant’s debts. Itera Company, which Rosneft
acquired a full control of, had also studied trust management of Nairit
Plant with the Armenian Government. Itera was once the holder of a 10%
stake in ArmRusgasprom Company. Later, the Russian monopolist Gazprom
CJSC acquired its shares.

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. RHinĀ®ville 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.

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