Mika Cement CJSC is going to completely pay out the wage arrears to its employees, Naira Martirosyan, Deputy Director of the Plant, has told ArmInfo's correspondent.
She says that on August 5 the employees of the Plant held an action of protest to demand their wages. "The plant should pay the wage arrears for 3-4 months and the managing company has told us that the whole wage arrears will be paid by the end of the week", she says. Martirosyan adds that the managing company is Cement Service LLC (According to the State Register Agency of Legal Entities, Cement Service LLC was registered in May 2013. The founders of the company are Edmond Amiryan and Tigran Martirosyan - editor's note). The deputy director points out that the idle plant will shortly be launched, however, she specifies no dates.
She adds that the owner and the management of the plant will be changed in the near future.
To note, the former owner of the Plant was entrepreneur Mikhail Bagdasarov. The property of Mika Cement was put in pawn against the loan debt of VTB Bank (Armenia). Mika Cement did not publish its financial statement for 2013, however, the previous reports show that the plant's debts were intensively growing over the past few years. In 2012 the loss of the plant exceeded 2.3 bln AMD versus 22 mln AMD in 2011 and 19 mln AMD in 2010 and 5.6 mln AMD in 2009.