In our publications we wrote that on February 16 the civil court of Yerevan considered the case of Electric Networks of Armenia company brought against Nairit Factory CJSC to declare Nairit Bankrupt.
We found out that several days later Nairit Factory submitted a letter to appeal the application for bankruptcy. According to our legislation, within ten days after receiving such letter the court had to call a court session but as it turns the court has failed to do that. Representative of Electric Networks of Armenia Vardan Grigoryan informed us that the reason why the court failed to precede the case in time was the fact that the court system was being reformed. As of March 1 2009 the current debt of Nairit due to the Electric Networks of Armenia was 1 billion dram. According to our information, the short-term credit debt of Nairit is over 8 billion dram now. The court reformation saved Nairit for some time but still the director of the company hopes that they may borrow money to cover the debts. There is an article in the web page of Nairit allegedly given to Mediamax news agency (it is not posted in the Mediamax web page), which writes that there has been an arrangement with European banks (the names of the Banks are not written either) to borrow 92 million dollar. There is no doubt that if this information was true, the director of Nairit would speak of that in his interview given to the Haylur several days ago and would not speak of cloudy expectations to mislead people and first of all the employees of the Nairit. Once they said that the employees of the company, who don’t work temporarily, will be called back to work in February 2009, but now they say it will happen till March 1. Several days ago Melkonyan said that the issue would be solved till April 7, and it concerns only 2700 employees of the company. The most surprising thing is that the director of Nairit assures that the company will be operated again and will issue products in the beginning of April. The Electric Networks of Armenia have stopped energy supply to Nairit and the problem of energy supply to the company has not been solved yet. According to our sources of information, the managers of Nairit are faced with more problems. The Central Bank of Russia has discovered many violations in the CIS inter-governmental bank as a result of audit. There are violations connected with the credit of 70 mln dollar taken by Rainoville company, which is the owner of the Nairit. It resulted in the resignation of the chief executive officer and some officials of the mentioned CIS bank. On the other hand, the government of Armenia has taken the stocks of Nairit owned by Rainoville Property for failure to fulfill the responsibilities (the stocks were pledged with the CIS inter-governmental bank). However the government is still keeping silence on this matter. We have asked questions in written form concerning the bankruptcy proceedings and responsibilities of the Nairit to the managers of the company but they officially refused to answer our questions. “Our cooperation with you directly depends on the level of the truth concerning our company published in your newspaper,” writes the answer of Nairit company to a number of questions we sent to them in written form. Our goal is not to cooperate with the managers of the Nairit but to get the answers of our questions. If the management of the Nairit believes that we have published wrong information, they can publish their answers to our questions to inform the “truth”. However, in this case refusal to answer our questions is another fact to prove the mentioned information.