"BJNI" AUCTION INVALID

A1+
07:24 pm | March 19, 2009

Economy

As advocate of the "Bjni" company Ara Zohrabyan informed "A1+", the
RA Administrative Court ruled the auction/sale of assets and rights to
assets of the "Bjni" factory invalid. This means that the company must
retrieve its assets and start the process of filing for bankruptcy.

"The Service for Compulsory Enforcement of Judicial Acts was obliged
to terminate the process because the required amount and the amount
for assets were lower than the price required by the SCEJA. This
means that the lot price was lower than the price demand by the
service. In that case, the service had to terminate the process and
file for bankruptcy. This is what we have been saying for the past
four months," said Ara Zohrabyan.

Deputy and businessman Ruben Hayrapetyan, who had purchased "Bjni"
at the auction, refused to comment on this after he found about the
ruling from "A1+".

"I am surprised to see this happen, but who am I to say anything
against the court’s decision or assess it?" said Ruben Hayrapetyan.

The decision of the court may be appealed.

From: Emil Lazarian | Ararat NewsPress