Thursday, April 13, 2006

13 april 06

The idea that was most often repeated during the parliamentary debates on the report on performance of the 2001-2003 program of privatization was the great difference between the value of the company and the price at which it was sold. For instance, Orbita Factory was assessed at 3 billion but sold for 116 million. Hours after the debates on this issue the minister of trade and economy Karen Chshmarityan replied to similar accusations made during the debates on April 10-12.

The minister, as well as the head of the Department for Management of State Property Karineh Kirakosyan delivered a small lecture on the topic of value and price, then said, "Orbita was assessed at 3 million drams and sold at 750 million." Plus, the company owed debts of 320 million, 220 million other liabilities, salary debt, and products of 550 million produced for the Near East, which, however, the company had been unable to sell due to the embargo.

Before the privatization 30 people were employed in Orbita who were paid 15 thousand drams monthly, after the privatization 150 people work here and get 60 thousand drams, says Karen Chshmarityan. And such allegations may have a negative impact on the investment environment in Armenia, he believes. It should be noted that the allegations of the members of parliament are based on the facts that another representative of the Executive, the head of the Department for Management of State Property Karineh Kirakosyan had provided. The latter characterized Victor Dallakyan's allegation that the minister of trade and economic development Karen Chshmarityan owns several buildings in the center of Yerevan as "irresponsible."

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