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<i>NAIRIT</i> HANDED OVER TO <i>FLASH</i>

Economy

On Friday, Central Bank Governor Tigran Sargssyan told journalists Flash company was a new owner of chemical plant Nairit.

The company became Nairit owner after making proper investments in Haykap, which holds 100% of the plant stocks.

The head of the Central Bank said Flash has long been interested in the replacement of the bank in the legal field.

Before this transaction Haykap bank was being run by Central Bank. It means Tigran Sargssyan was indirect governor of the Nairit.

Armenia’s chief banker also said new investments are expected to be made in the Haykap. He said Nairit’s fate would get into hands of Armenian major entrepreneurs.

At the same time, Tigran Sargssyan didn’t rule out that the chemical giant may be closed. Environmentalists were struggling for that yet in Soviet era.

Till now the negotiation with British Ransant and Russian Volgaburmash companies were being held by the government and the Central Bank.

Now, the negotiations will be held by new owners of Haykap bank, who are holders of 100% of Nairit shares.

Another Russian company, the owner of Midland Resources electric power supplying company, ceased supplying power to the chemical plant three days ago and resumed later warning that power will be cut off again in a week because of Nairit’s 800-million-dram debt.