Epress.am News from Armenia
The Moscow Arbitration Court upheld the Interstate Bank's claim to confiscate $25.183 million from Armenia's Nairit Plant, the only manufacturer of synthetic rubber in the former USSR, reports the Russian Legal Information Agency [RU].
The defendant, Nairit Plant, was the guarantor of the loan provided by the bank to Rhinoville Property Ltd., the primary shareholder of the plant. The Moscow Arbitration Court in January upheld the Interstate Bank's claim to recover $107.95 million from Rhinoville Property Limited. In particular, the court ordered the recovery of $68.6 million of the principal loan plus interest and penalty fees.
It was noted in Tuesday's court session that the lawsuit was filed against Nairit, as the guarantor of the loan, for the recovery of $16.763 million in interest and $8.419 million in penalty fees. According to the bank's representative, Rhinoville Property Ltd. ceased paying interest on the loan in January 2010. The bank had provided Rhinoville Property Ltd. with a loan of $70 million in 2006.
The Russian Legal Information Agency also reported that the case was heard in court without the presence of the defendant's representative, who, however, was duly informed about the court session.