Armenian authorities resume electronic auction of Bjni plant property
and brand

2009-01-10 17:03:00

ArmInfo. Armenian authorities have resumed the electronic auction of
Bjni Plant of Mineral Waters CJSC property and brand. The auction is
scheduled for January 23 2009. Armenian Compulsory Execution Service
(CES) Spokesman Ruben Grzelyan told ArmInfo.

He said the assets and the right of property of Bjni Company were put
up for electronic auction at 5:19 December 19. However, it was broken
since proceedings on bankruptcy were launched against Bjni by the claim
of ‘Saturn Tire Fitting’ LLC at the Northern Civil Court of Armenia.
However, on 30 December the Court rejected the claim for recognition of
the plant’s bankruptcy, which allowed the CES to start the pending
auction.

The initial price of the company’s assets is 4 934 billion drams ($16
million). The property of the plant was put up for auction since tax
inspections at the plant resulted in a total of 4.1 billion drams
fines.

Bjni belongs to one of Armenia’s largest companies, the SIL group owned
by the Soukiassian family. The fact of the unprecedented pressure on
the concern is connected with the political activity of Khachatour
Soukiassian, one of the shareholders, parliamentarian, who openly
supported the candidature of the first president of Armenia Levon
Ter-Petrosyan during the previous presidential election. After the
auction was announced, Gagik Tsarukyan, businessman, Leader of
Prosperous Armenia Party called on businessmen not to participate in
the auction.