ELECTRONIC AUCTION OF BJNI TO RESUME TODAY

A1+
[03:42 pm] 23 January, 2009

The Armenian Justice Ministry’s Service for the Mandatory Execution of
Judicial Acts (SMEJA) will resume the electronic auction of the Bjni
mineral water plant owned by the Sukiasian family January 23. The
e-auction began on December 19 but was suspended by another court
several days later.

On January 14 Ani Print Ltd filed a lawsuit to recognise Bjni’s
bankruptcy. The court refused to declare the bottler bankrupt. A1+
tried to learn the reasons for the refusal but Judge Surent Antonyan
said the law forbids making comments.

Remind that on December 30 the court had refused another bankruptcy
lawsuit filed by an obscure construction firm that claimed to be owed
money by Bjni.

"The court’s decision is unfounded and illegal. Surely, Bjni cannot
appeal against the court decision. I cannot say for sure what Ani Print
will do. Most likely it will also lodge an appeal," Ara Zohrabian,
a Bjni lawyer, said to A1+. He finds the decision illegal since the
court does not ground for SMEJA’s crackdown on Bjni. Hence, Bjni
cannot meet its commitments.

"The Law on Bankruptcy foresees two cases of refusal. Firstly,
if there is a court decision recognising the debtor insolvent and
secondly, when a bankruptcy lawsuit is against a person who cannot be
recognised as debtor by law. We have neither of them in case of Bjni,"
said Mr. Zohrabian.

The e-auction of the Bjni mineral water plant will last ten days. The
company’s assets and premises in the central town of Charentsavan
and in the village of Bjni are put up for electronic auction. The
plant is priced 6 milliard 580 million drams (over 21.50 million
dollars). The starting price is 4 milliard 935 million drams.