Thursday, November 24 2016 14:02
Alina Hovhannisyan

Union of Manufacturers and Businessmen requires Yerevan Beer JSC related decision cancellation

Union of Manufacturers and Businessmen requires Yerevan Beer JSC related decision cancellation

ArmInfo. The Union of Manufacturers and Businessmen of Armenia considers unjustified the decision of Economic Competition Protection Comminssion in respect to  AMD 110 mln penalties applied to Yerevan Beer JSC due to unjustified increase of prices.

As mentioned in UMBA statement, the SCPEC decision contradicts to the logics of market economy.  "Particularly, it is hard to understand how the price increase under the conditions of strict competition at the beer market could be considered as an excessive use of leading postions," the statement claims.  UMBA thinks also that the performance of SCPEC is not transparent.  The SCOEC decision is a basis for UMBA to claim the necessity of making essential modifications to RA Law on Economic Competition. "We  think that this decision negatively impacts the rating of the Company both at internal and external markets, and contradicts the  principles of Public-Private Partnership, stated by the Government," the statement claims.  Summarizing the statement, UMBA expressed a hope that the Commission will cancel its decision and will held professional transparent discussions within the participation of all stakeholders.

To note, the Publis Service Regulation Commission penalized Yerevan Beer Company with AMD 110 mln for unjustified increase of prices for own production. According the Commission's Conclusion, the price increase for 30 AMD per 1 liter initiated by the Company, is not justified, because its production expenses did not grow, moreover, they have decreased due to some indications. Hence, the company got additional AMD 110 mln revenue, which will be expropriated and drawn to the state budget. This decision has been taken despite Karen Karapetyan, the Prime Minister, advised to "leave alone" the beer market, where, according to him, the competition is high enough, and to get accentuated at the market of essentials, because the prices variation of those affects people more. The owner of Yerevan Beer republican lawmaker Hakob Hakobyan has stated earlier that he does not agree with such a decision and is going to submit an appropriate complaint to court. According to him, the Company has presented all the appropriate justifications for this price increase.

POST A COMMENT
Input digits     


News
Armenian-Iranian trade needs boosting - official Armenian-Iranian trade needs boosting - official 
Ardshinbank has extended the campaign for issuing a digital card for 1 dramArdshinbank has extended the campaign for issuing a digital card for 1 dram
Growth of Armenia`s economic activity to 14.5% in 10 months was  accompanied by increase in exports and importsGrowth of Armenia`s economic activity to 14.5% in 10 months was  accompanied by increase in exports and imports
Unprecedented offer from FLYONE ARMENIA: Beirut, Dubai, Tel Aviv for  only 89 eurosUnprecedented offer from FLYONE ARMENIA: Beirut, Dubai, Tel Aviv for  only 89 euros
Over a half of Armenia`s population live in  communities actively  involved in  CoM East projectOver a half of Armenia`s population live in  communities actively  involved in  CoM East project
Armenia`s transport infrastructure yet unprepared for new geoeconomic  configuration - Vahe Davtyan Armenia`s transport infrastructure yet unprepared for new geoeconomic  configuration - Vahe Davtyan 
AMD 4․653․223 to AMD 4․653․223 to "Aren Mehrabyan" foundation: beneficiary of "The Power of One Dram" for December is the Health Fund for Children of Armenia
Forecast: Without social support, poverty rate in Armenia could rise  to 49%Forecast: Without social support, poverty rate in Armenia could rise  to 49%
PSRC starts process of revising electricity tariffsPSRC starts process of revising electricity tariffs
Poverty rate in Armenia in 2021 increased by 0.1% compared to 2019Poverty rate in Armenia in 2021 increased by 0.1% compared to 2019
Armenia`s government to support IT sector Armenia`s government to support IT sector 
Ardshinbank holds a campaign 10000 AMD for every 300th client making a money transferArdshinbank holds a campaign 10000 AMD for every 300th client making a money transfer
Armenia`s share in UNECE programmes 22%Armenia`s share in UNECE programmes 22%
EU to issue 33mln EUR grant to Armenia EU to issue 33mln EUR grant to Armenia 
Nikol Pashinyan: Introduction of  universal income declaration system  will have significant anti-corruption effectNikol Pashinyan: Introduction of  universal income declaration system  will have significant anti-corruption effect
On December 1, Ameriabank to start initial placement of next tranche  of USD bonds in amount of $10 millionOn December 1, Ameriabank to start initial placement of next tranche  of USD bonds in amount of $10 million
Models of cooperation between public and private sectors are being  developed in ArmeniaModels of cooperation between public and private sectors are being  developed in Armenia
Evocabank launches new contactless cashless payment tool- mPOS for  business entitiesEvocabank launches new contactless cashless payment tool- mPOS for  business entities
Joint Initative of HSBC Bank in Armenia and Jinishian Memorial Foundation (JMF) promotes innovative and sustainable agriculture among the small holder farmers.Joint Initative of HSBC Bank in Armenia and Jinishian Memorial Foundation (JMF) promotes innovative and sustainable agriculture among the small holder farmers.
Civil Contract nominates Armen Nurbekyan for post of CBA Deputy  Chairman Civil Contract nominates Armen Nurbekyan for post of CBA Deputy  Chairman 
Economy Ministry to provide Economy Ministry to provide "oxygen" for IT companies working with  international market 
Party: Draft state budget of Artsakh for 2023 does not reflect  internal and external realities Party: Draft state budget of Artsakh for 2023 does not reflect  internal and external realities
Mher Grigoryan noted key importance of programs implemented jointly  with EBRD Mher Grigoryan noted key importance of programs implemented jointly  with EBRD 
Vahan Kerobyan: Our goal is to bring the volume of investments to 25%  of GDPVahan Kerobyan: Our goal is to bring the volume of investments to 25%  of GDP
Ameria PhonePOS.  New application for receiving non-cash payments with a smartphoneAmeria PhonePOS.  New application for receiving non-cash payments with a smartphone
EDB developed concept for establishing platform on which  multicurrency digital transactions may be carried out - Tigran  SargsyanEDB developed concept for establishing platform on which  multicurrency digital transactions may be carried out - Tigran  Sargsyan
EDB announces 2nd contest of digital technologiesEDB announces 2nd contest of digital technologies
Economy Ministry to support IT companies affected by dram  appreciationEconomy Ministry to support IT companies affected by dram  appreciation
Expert: There are a lot of random people in the tourism sector of  Armenia todayExpert: There are a lot of random people in the tourism sector of  Armenia today
Incomplete fulfillment of capital expenditures indicates a lack of  professionalism - EconomistIncomplete fulfillment of capital expenditures indicates a lack of  professionalism - Economist
EDB forecasts 4.2% GDP growth in Armenia in 2023 and gradual  devaluation of AMDEDB forecasts 4.2% GDP growth in Armenia in 2023 and gradual  devaluation of AMD
Sporadic construction of solar power plants could undermine Armenia`s  food security - expertSporadic construction of solar power plants could undermine Armenia`s  food security - expert
ADB to help Armenia develop wind energyADB to help Armenia develop wind energy
US considers granting Armenia market economy statusUS considers granting Armenia market economy status
Another dollar tranche of bonds from IDBankAnother dollar tranche of bonds from IDBank
Tourists arriving in Armenia faced difficulties due to cashless  payment requirements - MPTourists arriving in Armenia faced difficulties due to cashless  payment requirements - MP
Armenia`s tax authorities on peculiarities of taxation when renting  apartmentArmenia`s tax authorities on peculiarities of taxation when renting  apartment
AraratBank acts as an underwriter of National Mortgage Company RCO bonds   AraratBank acts as an underwriter of National Mortgage Company RCO bonds  
Converse Bank customer wins Visa campaignConverse Bank customer wins Visa campaign
Armenia`s economy recovered quickly after `September shock` - Vahan  KerobyanArmenia`s economy recovered quickly after `September shock` - Vahan  Kerobyan
AraratBank launches Google Pay for its card usersAraratBank launches Google Pay for its card users
Goods imported to Armenia to be liable to excise taxGoods imported to Armenia to be liable to excise tax
Armenia`s national debt in terms of figures not essential - Armenia`s  premier Armenia`s national debt in terms of figures not essential - Armenia`s  premier 
French Development Agency to open permanent office in YerevanFrench Development Agency to open permanent office in Yerevan
Proposed reform to introduce system of mandatory universal income  declaration system for all resident citizens in Armenia cannot ensure  achievement of the declared goals: Tigran JrbashyanProposed reform to introduce system of mandatory universal income  declaration system for all resident citizens in Armenia cannot ensure  achievement of the declared goals: Tigran Jrbashyan
IDBank  “MalatiaIDBank  “Malatia" branch now more comfortable and modern
Largest mining company in Armenia presents its first ESG reportLargest mining company in Armenia presents its first ESG report
It is already possible to make payments with IDBank cards via Apple PayIt is already possible to make payments with IDBank cards via Apple Pay
 Converse Bank announces the launch of the  new coupon bonds placement Converse Bank announces the launch of the  new coupon bonds placement
Vine and Wine Foundation of Armenia: Volumes of wine production in  Armenia almost doubled over 5 yearsVine and Wine Foundation of Armenia: Volumes of wine production in  Armenia almost doubled over 5 years
Armenia`s minister of territorial administration hosts  Ukrainian-Armenian businessmenArmenia`s minister of territorial administration hosts  Ukrainian-Armenian businessmen
Iranian Minister of Energy announces launch of project for  synchronization of electricity between   Iran, Azerbaijan, Armenia and RussiaIranian Minister of Energy announces launch of project for  synchronization of electricity between  Iran, Azerbaijan, Armenia and Russia
Armenia`s economy most likely to not reach its historical high by the  end of 2022: Haykaz FanyanArmenia`s economy most likely to not reach its historical high by the  end of 2022: Haykaz Fanyan
Yerevan, Tehran continue to expand economic relationsYerevan, Tehran continue to expand economic relations
Success of the family business based in Tavush: from a home to a guest house and a small winerySuccess of the family business based in Tavush: from a home to a guest house and a small winery
Armenia becomes popular destination for BelarusiansArmenia becomes popular destination for Belarusians
Satlantis CEO: Armenia did not buy an expensive Mercedes, but rather   established a plant that will produce itSatlantis CEO: Armenia did not buy an expensive Mercedes, but rather   established a plant that will produce it
Robert Khachatryan: Satellite Control Center in Armenia to be ready  by the end of the yearRobert Khachatryan: Satellite Control Center in Armenia to be ready  by the end of the year
Armenia starts construction of its first satelliteArmenia starts construction of its first satellite
Participation of GeoProMining in state subvention projects in Armenia reaches 1 billion 700 million drams ($ 4.2 million )Participation of GeoProMining in state subvention projects in Armenia reaches 1 billion 700 million drams ($ 4.2 million )
Read more


Exchange rates
08.12.2022
RUB6.320.03
USD395.15-0.57
EUR415.38-0.05
GBP481.02-0.69
CAD289.420.30
JPY28.870.08
CNY56.770.22
CHF419.79-0.38