BENEFITS RUBEN HAYRAPETYAN FIRST

A1+
06:31 pm | March 24, 2009

Economy

NA Deputy, businessman Ruben Hayrapetyan purchased "Bjni", but not
the right to export water. So, the decision of the Administrative
Court to declare the auction/sale of the assets and rights to assets
of the "Bjni" factory was first of all to the benefit of the buyer,"
told "A1+" advocate of the "Bjni" company Ara Zohrabyan who explained
his reasoning.

"The Service for Compulsory Enforcement of Judicial Acts had sold not
only the assets, but also the rights to those assets. However, due
to lack of knowledge of the law on mining extraction, the service had
not appealed to the authorized body and had not received preliminary
permission. Thus, by purchasing the assets of "Bjni" the buyer did
not have the right to export the water. The right to export still
belonged to the "Bjni" company. The law clearly states that the
contract, that is, the deal on the mining right, means nothing if
the buyer is not going to have the opportunity to extract the mines."

After the "Bjni" auction, the Sukiasyan family appealed to
the authorized body and it turned out that the buyer-Ruben
Hayrapetyan-doesn’t have the right to export water because he had
to get permission before purchasing "Bjni" at the auction. Zohrabyan
believes that Hayrapetyan was going to have problems if the Service
for Compulsory Enforcement of Judicial Acts did not know about the law.

"If the verdict is not appealed, the SCEJA must file for
bankruptcy. This means that the court will take the assets of the
company, hand it over to the owner and start the process of filing
for bankruptcy," told "A1+" Ara Zohrabyan.

Justice Minister Gevorg Danielyan also touched upon the fate of the
"Bjni" company after the auction was declared invalid. According to
Danielyan, the invalid auction doesn’t mean that everything goes back
to the way that it was. Advocate Zohrabyan believes that regardless
of officials’ statements, "Bjni" has only one road to take after the
court’s verdict and that road leads to bankruptcy.

"Bjni" was sold for a second time on February 5 for a reserve price
of 4 billion 441 million 358 thousand drams.