YEREVAN, November 13. / ARKA /. The Russian-owned VTB Bank (Armenia) has declined a report by a local newspaper Zhoghovurd (People) claiming that the bank owed five-month back wages to workers of Mika Cement plant in central Kotayk province, which it had bought in summer.

A story in this newspaper’s November 13 issue claimed that a plant worker died because of failing to get his five-month wages. VTB Bank (Armenia) said it will sue the newspaper for causing damage to its reputation.

The bank bought Mika Cement in 2013 July and immediately signed an agreement with it to provide it with funding to pay its debts, including wage arrears. Thanks to the funding Mika Cement resumed work that was brought to a halt because of accumulated debts. Relevant information was issued by the bank on July 18.

"Currently Mika Cement works in normal mode,’ the bank said.

VTB Bank (Armenia) is owned fully by Russian VTB Group. It runs 67 branches across Armenia, more than any other local bank. VTB Bank (Armenia) is the market leader by the number of issued international banking cards and runs its own processing center.-0-