In one of the previous editions of “168-Zham” newspaper, entitled “Nairit”-here they know how to count their money” the newspaper received an e-mail, which was sent to us by the former manager of Nairit, director of “Nairit Trust”, Samvel Muradyan. Nairit Trust was manager of Nairit in 2003-2004. Our efforts to contact Muradyan were in vain as Muradyan now lives in Moscow. Below we are presenting to you the English version of Muradyan’s letter, which was written in Russian. It contains quite interesting information.
Thank you for the article about Nairit. Recently it’s been hard to receive any truthful information. I think it’s necessary to write more often about Nairit. According to my information nobody has ever seen the director – “Mr. X” of Nairit. I think he doesn’t exist at all. Andre Narsisyan was asked to come to Armenia and play the role of director, as he had a French passport. The PR action, organized in the Soviet spirit, was organized by people whom you already had written about.
I’d like to mention a few words about “Nairit Trust” and “ArmKapBank” and the annulment of the contract. I have been working in the rubber market since 1998. In 2002 I received an offer to find investments for Nairit from the Ministry of Trade and Economic development of RA. The situation in Nairit was very complicated. “Runsat” had left the factory. It hadn’t paid any salaries, and most importantly all this was taking place on the threshold of presidential elections of Armenia. If you remember, the workers of the factory have held mass protests in front of the NA and the government building. Shortly the situation got even more tense, and to look for investments in those conditions was senseless. This meant that it was necessary to find financial means for the factory and provide regulation for the financial documents of the factory.
Before April 2004, Nairit-Trust hadn’t heard anything about Volgaburmash. I will not speak about the situation in the factory. When we first stepped in there, it was March 2003. Let me just mention that the people whom I guided in the factory and whom I asked for help were simply shocked. They didn’t believe that the factory, having appeared in such a miserable situation, would ever recover. The factory didn’t have any legal document. The whole of production was stored. Runsat hadn’t returned the stocks of the ArmKapBank. Thus all the bank accounts were in mortgage. The situation was risky because it was first necessary to persuade people to give money, and also convince them that you are able to return the money. So Nairit-Trust was the one to accept the whole responsibility. It has invested 4 million USD in the factory.
Many people were praying for Nairit-Trust at that time, and the first prayer was made by ArmKamBank, which became part of Nairit by chance. The vows about being fair disappeared when Volgaburmash appeared on the scene. Our staff and management were never allowed to get any closer to the negotiation desk, and I was informed about the meeting of the officials of Volgaburmash and our country’s president only on TV. At any rate I was glad that such an industrial firm was entering our market and working to revive Nairit. Beginning in 2004 Nairit got into financial trouble again, and my main objective was to return at least half of the money to creditors. Let me mention that during my management neither my organization nor the factory received a single cent from the owners. I’d like to remind that before me in 2001 all the managers of Nairit were receiving honorariums in the amount of 50,000 USD monthly. The salary of the current management – “Rhinoville” is 700 thousand AMD, and the average salary in the factory is 35,000 AMD. Only during the management of Nairit Trust were salaries ever raised.
In September 2004, by the request of Volgaburmash, the ArmKapBank ceased the activity of Nairit-Trust. Two months later, Volgaburbash rejected the deal, despite the fact that the stocks had already been bought. The largest stakeholders assumed the management of the factory, and the factory appeared where it was supposed to be – in the hands of the state. In my opinion the role of the Intergovernmental Bank was also significant. It enabled the factory to operate for two years. That bank established the “Inter Kauchuk” company, the director of which was Serbkova Tatiana Genadievna. She has done a great job at raising the quality of our rubber. The fact that other states were lining up to get our rubber was due to her efforts.
You know that greediness and ambitions don’t have limits. In 2007, after the trusted people of Rhinoville Property Limited bought the stocks of Nairit, they stopped the activity of Inter Kauchuk by firing the workers. At present, the sole owner of the factory is Rhinoville, but it’s not clear why it drops the price of rubber and instead increases debt. Perhaps that’s a business style. During Runsat, the price of Nairit rubber was about 1500 USD. During our management we were selling it at 2150-2450 USD. And you know the current situation.
I think that you should insist that they provide truthful information from the factory. By doing that you would help the factory indescribably. I can confidently say that Nairit doesn’t need anyone – not offshore investors, nor bankrupted banks, nor varmints, who wander around the factory all the time. Under the control of the government the factory will be able to get rid of its financial difficulties.
Best regards,
“Nairit Trust” LTD
Director S. Muradyan