The terms of how the “Parking City Service” company will become a community property is already clear. During the press conference, Deputy Mayor of Yerevan Vahe Nikoyan presented the details. In particular, Nikoyan assured that the “Parking City Service” is overloaded by invested assets, by borrowed funds for the acquisition of assets, hence, the Yerevan Municipality has agreed to acquire the company as a donation but on a condition that “at the time of the acquisition, the company’s assets will be more or equal to the company’s commitments”. In addition, the municipality is committed to repay the company loans. Note that the assignment of changing the form of the management of this particular “Parking City Service” company, or as people say, nationalizing was issued by the President of Armenia.
Since last year, Director of the “Parking City Service”, Vazgen Harutyunyan, assured that the company is working with losses as their share of the amounts collected from the fees is less, the company is offered for sale. Acquiring 100% share of the company, note as a donation, Yerevan Municipality is committed to repaying the company’s loans. Aravot.am asked Vazgen Harutyunyan about the amount of the company’s loan commitment, we also asked to provide us with the financial statements of the Company. In response to our question, Mr. Harutyunyan said, “The financial figures are not available at this moment, we cannot say anything definite at this point but the company’s liabilities make the borrowings of the company, as well as the company has loan commitments. I will not say anything about the loan resources as I do not dispose of any precise information.”
Mr. Harutyunyan assured that the financial statements are submitted only to the tax authorities. According to the company’s director, the international organization will conduct an audit after which the company’s debts and assets will be specified, however, this report will also be provided to the Yerevan City Hall and it is not available for the media. To the question of the amount of the loss of the company, Mr. Harutyunyan replied, “The year of 2016 is not over yet, therefore, I cannot tell whether the company had profit or not, or the accumulated losses are continued but at the end of 2015, the company had a loss of 170 million drams.”
In response to our observation of whether in other words this transaction is profitable for the “Parking City Service” company that operates with losses, eventually the states takes on the loan commitment of the company, while people used to say that the state seizes the business from the entrepreneur, Mr. Harutyunyan said, “In fact, as it was a political decision to change the founder in favor of the state, I will refrain from commenting on this question and so it will be.” As for taking on the company’s loan liabilities by the municipality, the company’s director said, “Yes, the state takes on the liability to repay, and we are waiting for the liabilities to be repaid and the involved borrowed funds returned.”
Nelly BABAYAN
