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Hrant Bagratyan: Armavia Company's Fixed Assets Belong To The Govern

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  • Hrant Bagratyan: Armavia Company's Fixed Assets Belong To The Govern

    HRANT BAGRATYAN: ARMAVIA COMPANY'S FIXED ASSETS BELONG TO THE GOVERNMENT: LICENSE AND MARKET

    ARMINFO
    Wednesday, April 3, 18:12

    The fixed intangible assets of Armavia Company - flights and the
    market - belong to the government and it must reserve them, the
    former prime minister and candidate for president of Armenia Hrant
    Bagratyan writes on his Facebook page commenting on termination of
    the air carrier's flights starting April 1.

    "Armavia Company grounded flights," Bagratyan writes. "They want to
    sell the company without paying salaries and debts to suppliers.

    However, to sell the company means to sell its non-material assets
    belonging to the government: offices and aircrafts, especially the
    boards that may not belong to the company, I mean that they may
    be leased. Potential market of air transportation of Armenia is
    passenger flow that is 5-6 million annually. It is not Delta level
    (110 million passengers), of course, but it is comparable with
    Aeroflot Company having over ten-year history and is nearly twice
    as much as the Georgian market," Bagratyan writes. There are two
    sectors bringing it additional rent: aviation and communication, as
    there are more Armenians abroad and inside the country, the former
    premier writes. If the right to flights belongs to te government,
    Bagratyan believes that the government must immediately declare that
    it recalls the given right from the company. This will be the right
    decision from the legal and economic point of view. However, Bagratyan
    highlights that the decision adopted under his premiership in 1993 when
    the functions of air carrier and airport were separated was justified.

    "Order was established. I'd not like them to rejoin on the quiet
    taking advantage of the current situation," Bagratyan writes.

    Earlier, Mikhail Baghdasarov, the owner of Armavia, told ArmInfo the
    company's total debt does not exceed $50 million, which is mainly
    current debt. Bagdasarov set up Armavia in 1996 and sold it to Russian
    S7. In 2005 pressured by the Armenian tax authorities, S7 gave the
    company back to Bagdasarov. Today Armavia carried out over 100 flights
    to over 40 destinations in 20 countries. It was the first to exploit
    SSJ-100. In autumn 2012 Sukhoi Civil Aircrafts reported that Armavia's
    debt for exploitation of SSJ-100 was over $4 million, inclusive of the
    underfinanced transactions on the aircraft, debt for service and spare.

    The leadership of Zvartnots International Airport, under concession of
    Argentinean businessman Eduardo Eurnekian's structure, has repeatedly
    declared that it has no intention to buy Armavia Company.

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