VTB Bank (Armenia) intends to sue ‘Zhoghovurd’ paper

VTB Bank (Armenia) took a decision to sue ‘Zhoghovurd’ newspaper for damage to its professional reputation, in connection with the paper’s questionable article. According to the bank’s press service, VTB Bank (Armenia) didn’t break its obligations to pay Mika Cement Plant’s workers their wages.

The paper published an article about the death of an employee of Mika Cement owned by VTB Bank (Armenia), allegedly because the man was not paid wages for five months. VTB Bank (Armenia) became 100% owner of Mika Cement CJSC in July 2013. In July the bank started financing the plant under an agreement. The finance was provided to fulfill Mika Cement Plant’s debt liabilities and also to pay wage arrears. Thanks to financing, Mika Cement Plant resumed its work that was suspended because of the company’s debts. Thus the plant did not owe workers wages for 5 months. The bank posted information about the plant’s financing on July 18, 2013.

Now the plant operates as usual and carries out deliveries according to the schedule.