Nairit's Moscow court hearing slated for 23 August

ERJ staff report (BC)

Yerevan, Armenia – The Moscow Court of Arbitration will hear a claim by CIS Interstate Bank (CISIB) against Rhinoville Property Limited, the UK-registered owner of the Armenian chemical company Nairit, on 23 August, the Arka news agency has reported the Russian Legal Information Agency as saying.

Nairit operated the only chloroprene rubber plant in the Soviet Union. It was closed in 1989 for environmental reasons, resumed partial operation in 1992, and finally closed in April 2010.

CISIB demands that Rhinoville repay $25.2m (€18.9m). It claims $16.8m (€12.6m) which Rhinoville took from a $70m (€52.6m) credit line that the bank opened for the company in 2006, and $8.4m (€6.3m) as penalty. Previous hearings were postponed for a variety of reasons.

In 2006, 90 percent of Nairit’s shares were sold to Rhinoville for $40m (€30m). The remaining 10 percent belong to the Armenian government. Rhin?ville Property Limited was set up by Samex (Poland), Intertex (USA) and Eurogaz (Russia).

The CIS Interstate Bank operates with sovereign capital from members of the Commonwealth of Independent States.

A proposal to strike Rhinoville off the UK companies register is active.

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Full story from Arka

Company information on Rhinoville Property Limited