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Armenia’s Nairit Rubber Factory has become property of CIS Interstate Bank

Armenia’s Nairit Rubber Factory has become property of CIS Interstate BankFebruary 16, 2012 | 17:09

YEREVAN. – Today Armenia’s Nairit Rubber Factory is the property of CIS Interstate Bank, and Energy and Natural Resources Minister Armen Movsisyan confirmed this on Thursday.

To note, the offshore Rhinoville Property Limited, which is Nairit’s primary owner, had taken a US$ 70-million loan from the aforementioned Bank in 2006, and it had put up the Factory as collateral. The loan was received for the Factory’s upgrading and for investments, but it was not used for its proper purpose.      

Armen Movsisyan, however, informed that several leading companies continue to show an interest in Nairit. 

The Minister also noted that there will be downsizing at the Factory, once the new administrator is confirmed. This concerns the laying off of 400 employees, which, as per Armen Movsisyan, is not a great number, considering the total of 3,000 employees. 

Also, a five-month salary debt has accrued at present.


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