Moscow court sustains claim to recover $25m debt from Nairit

The Arbitration Court of Moscow has sustained Interstate Bank’s claim on recovery of a $25,183 million debt from Nairit Plant, a chemical giant in Armenia, Regnum.ru reported.

The defendant, Nairit Plant, is a credit bondsman. The credit was given to the plant’s owner, Rhinoville Property Limited. In January the Arbitration Court sustained Interstate Bank’s claim on recovery of $107.95 million from Rhinoville Property Limited. In particular, the court ruled that the debt of $68.6 million, as well as interest on the debt and a fine must be recovered.

It was stated during the March 11 court sitting that since the plant was the credit bondsman, the claim was filed against it for recovery of interest of $16.763 million and a fine in the amount of $8.419 million. The bank representative said that Rhinoville Property Limited ceased paying interest on the credit in January 2010. In 2006 the bank extended a $70m line of credit to Rhnoville Propwrty Limited.

The case was heard in the absence of representatives of the defendant who was duly informed about the litigation.

Nairit enterprise was the monopoly manufacturer of chloroprene rubbers in the USSR. In 2006, 90% of Nairit’s shares were sold to Rhinoville Property Limited for $40 million, while the remaining 10% belong to the Armenian government. The plant has not operated since April 2010.