Wednesday, November 13 2013 18:44

VTB Bank (Armenia) does not violate obligations related to salary back payments to Mika Cement employees


ArmInfo. VTB Bank (Armenia) has come out with a statement against the unreliable information published in Zhoghovurd (People) newspaper on 13 November 2013. According to the material published in the newspaper, an employee of Mika Cement owned by VTB Bank (Armenia) has died because of 5-month wage arrears.

The press service of VTB Bank (Armenia) has told ArmInfo that the Bank has been the sole owner of Mika Cement CJSC since July 2013. In July 2013 VTB Bank (Armenia) provided the enterprise with financing under an agreement for implementation of Mika Cement's debt obligations and for back payments on salaries. Due to the funds received, Mika Cement resumed its activities, which had been suspended owing to the company's debts. So, the company had no 5-month backdated salaries to pay to the employees. The Bank posted the information on provision of financing to Mika Cement on 18 July 2013 (http://ru.vtb.am/about/news/280989/). At the moment Mika Cement is operating as usual. The products are supplied according to the schedule.

In relation to the publication of unreliable information, the Bank is going to sue Zhoghovurd newspaper for damaging the business reputation of the Bank.

VTB Bank (Armenia) became a member of VTB Group in April 2004. VTB Bank, the second largest bank in Russia, is the sole owner of VTB Bank (Armenia). The Bank traditionally holds the leading positions in the Armenian banking system by a number of indices. It has the largest branch network in Armenia (67 branches). VTB Bank (Armenia) is also the leader by the number of issued international cards. The bank has its own processing center, which ensures its competitive advantage in the card market of Armenia.
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