Tuesday, August 22 2017 18:31
Naira Badalian

"Bright Armenia" sounds alarm: the assets of Vanadzor-Chemical Plant CJSC are alienated

"Bright Armenia" sounds alarm: the assets of Vanadzor-Chemical Plant  CJSC are alienated

ArmInfo. The doom of the last  surviving industrial giant in Armenia is Vanadzor-Chemical Plant CJSC  is close. Competent state bodies are either not aware of what is  happening, or consider the enterprise as a "bakery", the owner of  which sells it in parts. This is stated in the statement of the  "Bright Armenia" Party, which arrived in ArmInfo.

"Bright Armenia" cites the words of the unnamed representatives of  the enterprise, which say that in fact no alienation of vital assets  for the plant is carried out. However, the party believes that "in  fact, unique equipment is sold, which then can not be restored." The  statement asks "who actually owns the plant?" The state bodies keep  silent about this, hiding the name of the real owner. "The lack of  information about the beneficiaries of the plant on the official  website of the State Register of Armenia, which, after carrying out  standard procedures for payment for obtaining information about  owners of certain organizations, is a clear proof of the fact that  the system gives the signal - access denied.

Referring to the unverified data, party representatives refer to one  of the Armenian banks, informing that one of its shareholders  allegedly purchased the plant and pawned it in the same bank. And  this was done, they believe, in order to avoid alienation of assets  in the process of bankruptcy, since in this case it is the creditor  who has the right to take precedence for the acquisition of alienated  property. "At the initiative of the owner of the enterprise and,  secretly from the public, the unique equipment of the plant is  alienated as unnecessary trash, even in this situation the owner of  the enterprise returns the investment, since the purchase price was  too low," the statement said.

In fact, the assets of the enterprise of strategic importance are  sold, which cannot be regarded as private interests of the owner.  "The state bodies should immediately inventory the current assets of  the plant and conduct appropriate inspections," the "Bright Armenia"  calls.

To note, the signals about the alienation of the property of one of  the largest industrial giants of Soviet Armenia - Vanadzor Chemical  Plant began not today. Back in April 2016, information appeared that  from Vanadzor Chemical Plant unknown persons had dismantled and stole  a considerable amount of equipment.  It was reported that the  employees had to protect the company where they worked. Then the  ex-Minister of Energy and Natural Resources of the Republic of  Armenia Levon Yolyan noted that the enterprise had dismantled a small  number of equipment, which was sold at auction, and the funds were  used to repay the arrears of wages.

To note, the Vanadzor Chemical Plant, founded in 1929, produced lime  at first. Then the production was expanded due to new types of  products: ammonium, melamine, synthetic corundums, various crystals,  and more recently - fertilizers. May 8, 1999 The Armenian government  signed an agreement with Zakneftegazstroy-Prometey on the sale for $  1.5 million. Prometey CJSC, which unites 3 enterprises:  Vanadzor  Chemical Plant, Vanadzor Chemical Fiber Plant and Vanadzor Thermal  Power Plant. In the year 2005 the restart of the Vanadzor plant  "Prometey-Khimprom" was held. The complex is able to produce up to 10  thousand tons of melamine per year, 15 thousand tons of carbide, 500  tons of melem, 3,500 tons of acetate tape, 200 tons of corundum, and  Vanadzor TPP - 25 megawatt of electricity.

Meanwhile, Vanadzor Chemical Industry, like the chemical giant of  Armenia, the Nairit plant became a victim of offshore deals. In June  2007, the offshore company Roding Commercial Limited became the owner  of 100% of shares for $ 25 million. (Roding Commercial Ltd), which,  according to the State Register of Legal Entities of the Republic of  Armenia, was registered in London at the address of the company  "Rhinoville Property Limited". In 2006, 90% of shares of Nairit were  sold to the same British consortium Rhainoville Property Limited. The  founder of these two companies and shareholder of Roding Commercial  Ltd, according to the media, is the same offshore company "Imex  Executive Ltd". However, in February 2010, "Roding Commercial  Limited" was disbanded. The founder of "Roding Commercial Limited"  company "Imex Executive Ltd" was established by the Russian branch of  the law firm "G.S.L. Low Consulting". The shareholder-director Brenda  Koksij, according to all the same media, for some time was also the  director of the company "Raionovil Property Limited" - the  shareholder of "Nairit Plant." At the same time, local media reported  that the talks on attracting investments to "Vanadzor- Chemical  Plant" conducts with the British company, and then information  appeared that the interest of the Georgian company is also visible.  By today, the authorities in every possible way still hide from the  uninitiated the names of the true owners of companies, and their  intentions.

It is noteworthy that in 2014 during the visit to the plant due to  delays in the payment of wages, Ex-Prime Minister Hovik Abrahamyan  could not answer journalists who owns Vanadzor-Chemical Plant. The  former prime minister then said that the plant is a private property,  and issues of payment of wages are beyond its competence. However, at  the same time, he promised to assist in obtaining a salary at least  for one month and recently a monthly salary was still paid. On  December 15, 2015, on behalf of Armenian President Serzh Sargsyan,  they began to pay debts on wages. In this regard, it is not entirely  clear where the funds were obtained for paying off salaries to  employees and, if from budget funds, why the state repays the debts  of a private company.

In the meantime, since 2013 the factory workers were in forced idle  time. As reported by the Governor of Lori Arthur Nalbandyan, the  total debt of Plant on wages is 100 million AMD. In addition, about 1  billion AMD the company owed to "Armrosgazprom" CJSC, another one  billion is arrears for electricity. Large debts were formed as a  result of non-payment of taxes on land and property to the mayor of  Vanadzor. Tax inspection of large taxpayers KGD also put forward a  demand for bankruptcy due to arrears amounting to about 2.2 billion  AMD. Against the enterprise, about a dozen bankruptcy lawsuits were  filed. It was noted that Zakneftegazstroy-Prometey JSC and Vanadzor  Chemical Plant CJSC signed an agreement, but could not repay the  debt, after which the company Zakneftegazstroy-Prometey appealed to  the court and partially won the claim. The court ordered Vanadzor  Chemical Plant to pay out debts of 112 million AMD. The company again  failed to fulfill its obligations, and Zakneftegazstroy-Prometey  appealed to the court already with a demand to recognize the plant as  bankrupt. The court granted the suit, and Vanadzor Chemical Plant was  declared bankrupt. 

POST A COMMENT
Input digits     


News
Yerevan hosts 16th meeting of Armenian-Belarusian Intergovernmental  CommissionYerevan hosts 16th meeting of Armenian-Belarusian Intergovernmental  Commission
Armenia Securities Exchange, Central Depository of Armenia completed  ISO 27001 and ISO 9001 recertificationArmenia Securities Exchange, Central Depository of Armenia completed  ISO 27001 and ISO 9001 recertification
CBA significantly improves its forecast for projected export and  import growth in 2022 to 28-24%, from 5.1-8.3% previouslyCBA significantly improves its forecast for projected export and  import growth in 2022 to 28-24%, from 5.1-8.3% previously
The share of exports, imports and transfers in Armenia`s GDP in 2023  will decrease compared to 2022:  Macroeconomic project of state  budgetThe share of exports, imports and transfers in Armenia`s GDP in 2023  will decrease compared to 2022:  Macroeconomic project of state  budget
13th regional exhibition PANARMENIAN EXPO 2022 opened in Yerevan13th regional exhibition PANARMENIAN EXPO 2022 opened in Yerevan
IFC’s New Loan to Evocabank to Help Smaller Businesses Grow and Create Jobs in ArmeniaIFC’s New Loan to Evocabank to Help Smaller Businesses Grow and Create Jobs in Armenia
SRC chairman, IMF representatives discuss issues of ensuring access  to bank information for tax authorities informationSRC chairman, IMF representatives discuss issues of ensuring access  to bank information for tax authorities information
High-voltage power line to Iran damaged due to Azerbaijani shelling:  MinisterHigh-voltage power line to Iran damaged due to Azerbaijani shelling:  Minister
Governor: Due to the enemy`s actions, the Sotk gold mine is operated at 40 percentGovernor: Due to the enemy`s actions, the Sotk gold mine is operated at 40 percent
CBA further improves its forecast of unemployment rate: It is  expected to decrease to 14.1% in 2022CBA further improves its forecast of unemployment rate: It is  expected to decrease to 14.1% in 2022
FLYONE ARMENIA to start operating Yerevan-Milan-Yerevan flightsFLYONE ARMENIA to start operating Yerevan-Milan-Yerevan flights
Armenian tax authorities exceeded program tax collection target by  about $180 millionArmenian tax authorities exceeded program tax collection target by  about $180 million
Armenia to significantly increase capex for infrastructure projects  in 2023Armenia to significantly increase capex for infrastructure projects  in 2023
Yerevan becomes one of most popular destinations for Red Wings  passengersYerevan becomes one of most popular destinations for Red Wings  passengers
In 2023, government debt will be reduced to 50% of GDP, from expected  53% by the end of 2022: Draft state budget of ArmeniaIn 2023, government debt will be reduced to 50% of GDP, from expected  53% by the end of 2022: Draft state budget of Armenia
11%-12% GDP growth expected in Armenia in 202211%-12% GDP growth expected in Armenia in 2022
Yerevan Municipality, Asian Development Bank discuss new areas of  cooperationYerevan Municipality, Asian Development Bank discuss new areas of  cooperation
Tenders for construction of Kajaran-Agarak section of North-South  project to be invited Tenders for construction of Kajaran-Agarak section of North-South  project to be invited 
Armenian government discuss draft budget for 2023Armenian government discuss draft budget for 2023
With its new forecast for 2022, CBA further reduces decline in net  inflow of transfers from previous 13% to 7%With its new forecast for 2022, CBA further reduces decline in net  inflow of transfers from previous 13% to 7%
CB new forecast for 2022-2023: Armenian GDP growth will slow down  from 12.9% to 4.4%, and inflation will decrease from 10.3% to the  target 4%CB new forecast for 2022-2023: Armenian GDP growth will slow down  from 12.9% to 4.4%, and inflation will decrease from 10.3% to the  target 4%
The first snail breeding farm was established in ArmeniaThe first snail breeding farm was established in Armenia
EBRD improves its 2022 GDP growth forecast for Armenia from previous  4.5% to updated 8%EBRD improves its 2022 GDP growth forecast for Armenia from previous  4.5% to updated 8%
Armenian authorities` intention to construct a new, 1,200 MW, nuclear  power unit is erroneous- expertArmenian authorities` intention to construct a new, 1,200 MW, nuclear  power unit is erroneous- expert
Wizz Air starts operating Rome-Yerevan-Rome flightsWizz Air starts operating Rome-Yerevan-Rome flights
3rd session of Geographical Indications sub-committee under CEPA  between Armenia and EU took place3rd session of Geographical Indications sub-committee under CEPA  between Armenia and EU took place
Armenia`s GDP growth to be double-digit in 2022 - EconomistArmenia`s GDP growth to be double-digit in 2022 - Economist
 USD 25 million to support the private sector USD 25 million to support the private sector
Armenia`s economic activity increased by 13.9% in 8 months of 2022Armenia`s economic activity increased by 13.9% in 8 months of 2022
Armenia-Italy Textile Alliance Forum started in MilanArmenia-Italy Textile Alliance Forum started in Milan
Dmitry Volvach: Trading volumes of the ruble-dram currency pair  increased more than 1000-fold on the Moscow ExchangeDmitry Volvach: Trading volumes of the ruble-dram currency pair  increased more than 1000-fold on the Moscow Exchange
Armenia`s minister of economy hosts WB Country Manager for ArmeniaArmenia`s minister of economy hosts WB Country Manager for Armenia
EBRD launches climate governance platform for business leaders in  Ukraine, Georgia and ArmeniaEBRD launches climate governance platform for business leaders in  Ukraine, Georgia and Armenia
Another step in promoting the Armenian-Russian decentralized  cooperation: Pashinyan`s address to participants of Armenian-Russian Interregional Forum Another step in promoting the Armenian-Russian decentralized  cooperation: Pashinyan`s address to participants of Armenian-Russian Interregional Forum 
Iran Khodro Company starts supplying cars to ArmeniaIran Khodro Company starts supplying cars to Armenia
Armenia, China are considering  possibility of organizing direct  flights between  countriesArmenia, China are considering  possibility of organizing direct  flights between  countries
Expert: With the stabilization of the military-political situation,  the exchange rate in Armenia will also stabilizeExpert: With the stabilization of the military-political situation,  the exchange rate in Armenia will also stabilize
Gradual softening of the global inflationary environment will weaken  the inflationary impact from the external sector on the Armenian  economyGradual softening of the global inflationary environment will weaken  the inflationary impact from the external sector on the Armenian  economy
CBA significantly improves its forecast for GDP growth for 2022 to  12.9%, but expects inflation at 10.3%CBA significantly improves its forecast for GDP growth for 2022 to  12.9%, but expects inflation at 10.3%
Central Bank of Armenia raised refinancing rate from 9.5% to 10%Central Bank of Armenia raised refinancing rate from 9.5% to 10%
TOTAL opens training center in Etchmiadzin for training specialistsTOTAL opens training center in Etchmiadzin for training specialists
WB stands ready to continue to assist Armenian government in  implementation of priority programsWB stands ready to continue to assist Armenian government in  implementation of priority programs
Armenia`s producers to get 1% tax reduction for recalling spoiled  productsArmenia`s producers to get 1% tax reduction for recalling spoiled  products
FLY ONE Armenia transported over 200.000 passengers in its first year  in marketFLY ONE Armenia transported over 200.000 passengers in its first year  in market
Armenia`s minister of economy visits ski resort construction project  in Aragatsotn Armenia`s minister of economy visits ski resort construction project  in Aragatsotn 
Pashinyan instructs to find new investors for mines that are  currently not being developedPashinyan instructs to find new investors for mines that are  currently not being developed
AMD 4.676.836 to the “Rehabilitation City of Heroes” psychological center: the next beneficiary of “The Power of One Dram” is the 4090 FoundationAMD 4.676.836 to the “Rehabilitation City of Heroes” psychological center: the next beneficiary of “The Power of One Dram” is the 4090 Foundation
ACBA Bank fourth bank to join government-sponsored 10% cashback  programme for pensioners and reliefersACBA Bank fourth bank to join government-sponsored 10% cashback  programme for pensioners and reliefers
Presentation of Jobbit instrument held in Yerevan Presentation of Jobbit instrument held in Yerevan 
New power unit under construction at Kursk NPP could be serve as  standard for Armenia - ministerNew power unit under construction at Kursk NPP could be serve as  standard for Armenia - minister
Diaspora factor in Armenia`s investment portfolio is decliningDiaspora factor in Armenia`s investment portfolio is declining
Foreign investors present existing problems to Deputy Prime Minister  of ArmeniaForeign investors present existing problems to Deputy Prime Minister  of Armenia
Araratbank to put up for sale another tranche of dollar bonds worth  $3 million on September 8Araratbank to put up for sale another tranche of dollar bonds worth  $3 million on September 8
Ameriabank starts initial placement of another tranche of USD bonds  in amount of $10 millionAmeriabank starts initial placement of another tranche of USD bonds  in amount of $10 million
Pashinyan hopes that Moscow will regard relocation of Russians as  movement within EAEU: Putin sees nothing wrong with thisPashinyan hopes that Moscow will regard relocation of Russians as  movement within EAEU: Putin sees nothing wrong with this
Armenia`s premier on secondary western sanctions over intensified  contacts with Russia Armenia`s premier on secondary western sanctions over intensified  contacts with Russia 
Armenia is very concerned with unblocking transport links with  Azerbaijan Armenia is very concerned with unblocking transport links with  Azerbaijan 
Nikol Pashinyan links economic growth in Armenia with EAEU  regulationsNikol Pashinyan links economic growth in Armenia with EAEU  regulations
IDBank issues the first premium class business cards in ArmeniaIDBank issues the first premium class business cards in Armenia
Kerobyan: More than 50,000 Russian IT specialists arrived in ArmeniaKerobyan: More than 50,000 Russian IT specialists arrived in Armenia
Read more


Exchange rates
30.09.2022
RUB7.570.45
USD405.65-0.28
EUR396.081.84
GBP448.939.35
CAD295.90-0.77
JPY28.080.02
CNY57.140.05
CHF414.06-0.75