Former owner of Hrazdan-Cement Mika Baghdasarov mortgaged it for a loan from VTB Armenia Bank and due to withdrawal of liabilities, shares have been passed on to the Bank.
There are a few groundings for that—offshore scandal [Panama offshore scandal], domestic policy, reduction of external reserves linked to fall in price for oil, social issues.
The ICIJ search system reveals names of more than 3 dozens of Armenians, included in offshore structures. Name of Mihran Poghosyan, former head of Armenia’s Compulsory Enforcement Service, is included in the list.
The most “seductive” here is the investing company. It’s registered in the offshore. Earlier Hetq.am reported that 100% shareholder of “Dvin” Hotel Complex CJSC—CCG Caucasian Communication Group Limited has been registered in Cyprus, in 2008.
Armenia’s 21 trade banks altogether paid taxes and penalties to the state budget comprising AMD 9 billion 324.9 million in the first quarter of 2016. It’s less by AMD 416.8 million or 43% from the index for the same period of last year.
Then with years, the more boycott-struggle was intensifying with years, the more import volumes of Turkish production were growing. In 2007—at the peak of construction boom, imports from Turkey for the first time crossed the USD 100 million border.
According to OPEC anticipations, physical volume of Azerbaijani oil production will reduce by more 17% until 2020. Throughout last 2 years Azerbaijani Central Bank reserves of exchange rate have reduced from USD 15 billion to USD 4 billion.
Geoteam CJSC is the Lydia International Daughter Company listed in Toronto stock exchange. It was founded in 2005, and as a result of wide-scale explorations Amulsar has been found, which presently is the latter’s primary project.
“It’s a complicated topic, and I wouldn’t like to politicize it, it’s an economic issue for producers as well. Whether we want or not, Turkey is the biggest and flexible raw cotton supplier in the region, which we can’t ignore. “
It was also noted, that unleashed war condition in Artsakh totally suspends the issue of providing gas to Europe through Turkey, and Azerbaijan, as a serious actor in the field of gas, is excluded. At the same time, it was stated that gas volumes of the region aren’t sufficient to settle issues of European gas supply. Thus, it may be concluded, that era of Azerbaijani gas export is over. And this is going to be a serious blow to the future of Azerbaijan’s economy.
