Their policy was aimed at destroying Nairit, says ex-director

Since 2007, the administration of Yerevan-based Nairit plant has been carrying out a policy of destroying the plant, a former director of Nairit told Pastinfo news agency.

Karen Israelyan, who was the director of the plant in 2005-2007, says for many years attempts have been made to push Nairit out of the market as the plant became a major competitor for Russian Bayer company, strengthening its position on the Russian market.

The ex-director blames the current chaos in the plant on the RA government, which holds 10 percent of the factory’s shares. “Should the government control its stock properly, it could have averted the unwanted developments in time,” he said.

“In August 2006, Rhinoville Property Limited purchased 90% of the stock in the Nairit rubber plant from HayGazArd for US $40 million. Rhinoville was obliged to invest about $ 60 million in the factory by January 2009 and was to be deprived of its share once it violated the agreement. However, Rhinoville did not fulfill its obligations under the contract but the Armenian government did not punish the company and take back the shares,” he said.

Let us remind that because of this offshore company, today Nairit has about $300 million debt.