Ramkavar Azatakan party accuses RA government, Nairit plant management of negligence

PanARMENIAN.Net - Economic committee of Ramkavar Azatakan party brought negligence claims against Armenian government and Nairit plant authorities, based on research conducted.

“Since 2006, Nairit has been on the verge of bankruptcy, inflicted by poor management. As of today, the factory owes USD 300 million, 200 of them to foreign companies,” the statement emphasized.

The economic committee has reported an abuse of credit, with factory citing “transfer to butadiene-based rubber production program” as an excuse for squandering.

“Total lack of control on behalf of plant authorities and RA government is the reason behind the international companies’ refusal to collaborate and invest in the factory,” Ramkavar Azatakan stressed in its statement.

Factory debts caused it to be non-operational for several times during a year.

In March 2010, Nairit suspended production of chloroprene rubber for an indefinite term, supposedly because of USD 2 million in debts for energy consumption.

Nairit Plant CJSC produces chloroprene rubbers and latexes in the Republic of Armenia. It also offers lime for building, fulfilled acid sulphuric, beaching and disinfectant liquid, acid hydrochloric synthetic, caustic soda, chlorine liquid. The company was founded in 1940 and is based in Yerevan, Armenia. As of December 24, 2006, Nairit Plant CJSC is a subsidiary of Rhinoville Property Limited.