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Kristine Aghalaryan

Nairit's $70 Million Loan: 3 Major Players Remain Tightlipped

Eric Narsisyan, Director of Rhinoville Property Limited, a shareholder of Nairit Plant CJSC, appears unwilling to grant Hetq an interview in response to our series of articles following the mysterious money trail of a $70 million loan. 

Hetq’s correspondent in France has been trying to get in touch with Narsisyan to no avail. The company director has failed to answer our voice mails as well.

In June 2006, when Rhinoville had already acquired shares in Nairit, Andre Narsisyan, a French-Armenian was appointed director and served until his death in April 2007. Maria Piotrovskaya, a Russian citizen served as director from February to April 28, 2007. Damien James Calderbank, a citizen of the UAE served as a director from March 2007 until December 2012. The company’s other director, Eric Leon Jacques Narsisyan (Andre’s son) became a director after the death of his father. He works at the Ararat Television Company in Marseille.

In our previous article, we noted that Nairit Plant CJSC had become a shareholder of Rhinoville. Armenia’s Minister of Energy and Natural Resources Armen Movsisyan hasn’t wished to provide any clarification on the matter. Former Nairit Plant Director Vahan Melkonyan hasn’t offered any response either.

In essence, the three major players involved are refusing to go on the record regarding how they managed a $70 loan designed to get the Nairit plant up and running.

In the meanwhile, plant employees continue to their demands that the plant operate and that they get paid their wages.

Photo (l to r): Armen Movsisyan, Vahan Melkonyan, Eric Narsisyan