Hrazdan-Cement Plant exempted from tax penalties and given to VTB Bank (video)
The Armenian National Assembly passed the third reading of a bill exempting a troubled cement plant in Armenia’s Hrazdan town from its debts and tax penalties and giving the plant to VTB Bank, the sole shareholder of the company. The bill exempts Hrazdan-Cement CJSC from 595 million drams tax commitments accumulated for delaying tax payments. The company’s accounts are blocked while the property is pledged to VTB Bank. Before that, the plant was owned by Mikhail Bagdasarov, President of MIKA Armenia. Before the vote, lawmaker Tigran Urikhanyan expressed his concerns over the cancellation of the company’s debts, saying it may become a privilege for the bank. Heghine Bisharyan considered the move to be ridiculous. “The bank has never helped our citizens: millions of citizens cannot afford to pay the interests of the bank. And now we are doing a favour to the bank by allowing it to manage the plant,” she said. If the plant has debts, put it up for sale. Why are you shaking the parliament?” said lawmaker Hrant Bagratyan. Details in the video.
