Eurasian development bank suspends provision of loan to Armenian company Spayka
25.04.2019,
15:18
The Eurasian Development Bank (EDB) suspended the provision of a loan to an Armenian company Spayka, EDB chairman Andrei Belyaninov told Armenian journalists in Konakovo (Russia) on Thursday.
YEREVAN, April 25. /ARKA/. The Eurasian Development Bank (EDB) suspended the provision of a loan to an Armenian company Spayka, EDB chairman Andrei Belyaninov told Armenian journalists in Konakovo (Russia) on Thursday.
On April 5, Armenia’s State Revenue Committee (SRC) accused Spayka of evading over 7 billion drams ($14.4 million) in import taxes and asked a court in Yerevan to allow its head David Ghazaryan’s pre-trial arrest. Ghazaryan denied the accusations.
Earlier, Ghazaryan said the company had to suspend a $100 million investment project that was to be financed by the EDB.
Belyaninov said the bank was ready to provide the loan, but had to suspend it ‘We cannot allocate money if the company (Spayka) is faced with the potential bankruptcy,” he said. Belyaninov confirmed that until the completion of the criminal case against Spayka nothing will happen.
"This is shareholders' money, we cannot risk it ... But we didn’t shelve this issue, we just put it off due to force majeure circumstances," he noted.
On March 26, Spayka commissioned a $15 million worth cheese factory in Yerevan. The opening ceremony was attended by Prime Minister Nikol Pashinyan.
Armenia’s leading freight and agribusiness company Spayka was founded in 2001. It is Armenia’s leading exporter of fruits, vegetables and some prepared foodstuffs. The company says it has more than 1,200 people on its payrolls. -0-
On April 5, Armenia’s State Revenue Committee (SRC) accused Spayka of evading over 7 billion drams ($14.4 million) in import taxes and asked a court in Yerevan to allow its head David Ghazaryan’s pre-trial arrest. Ghazaryan denied the accusations.
Earlier, Ghazaryan said the company had to suspend a $100 million investment project that was to be financed by the EDB.
Belyaninov said the bank was ready to provide the loan, but had to suspend it ‘We cannot allocate money if the company (Spayka) is faced with the potential bankruptcy,” he said. Belyaninov confirmed that until the completion of the criminal case against Spayka nothing will happen.
"This is shareholders' money, we cannot risk it ... But we didn’t shelve this issue, we just put it off due to force majeure circumstances," he noted.
On March 26, Spayka commissioned a $15 million worth cheese factory in Yerevan. The opening ceremony was attended by Prime Minister Nikol Pashinyan.
Armenia’s leading freight and agribusiness company Spayka was founded in 2001. It is Armenia’s leading exporter of fruits, vegetables and some prepared foodstuffs. The company says it has more than 1,200 people on its payrolls. -0-
