1,700 employees of Nairit Plant were fired on Feb 6. A total of 478 employees remain at the Plant now, Anush Harutyunyan, Spokesperson for Nairit Plant, has told ArmInfo's correspondent.
She said that there are valuable collaborators and highly-sought specialists among those dismissed, and it is hard to imagine the Plant's activities without them. She also pointed out that the total wage arrears for 18 months are nearly 15 mln USD. The country's authorities promised to repay one-month wage arrears to the employees, including the dismissed ones, on February 25, she added.
Earlier Armenian Minister of Energy and Natural Resources Yervand Zakharyan reported that Nairit Plant is cutting jobs to optimize the expenses of the Plant and prevent new debts.
The Armenian Government is trying to retrieve 90% of the Plant's shares because the owner fails to implement its investment obligations. The Minister added that it is envisaged to sell part of the Plant's property to pay off the wage arrears.
Nairit Plant has been idle since April 2010. The Plant's shares were given as security against the CIS InterStateBank's 70 mln USD loan provided in 2006 for 5 years - till late Dec 2011 - at 12.5% p.a. In 2006, 90% of Nairit Plant's shares were sold to Rhinoville Property Limited (UK). The latter owns an 89,999% stake in the plant, Armenian Ministry of Energy and Natural Resources - 4,496%, Gazprom Armenia CJSC (previously ArmRusgasprom) - 3,596%, and Yerevan Thermal Power Plant - 1,907%.