Monday, April 6 2020 12:35
Alina Hovhannisyan

Naira Zohrabyan in search of the director of the Varks AM UCC 

Naira Zohrabyan in search of the director of the Varks AM UCC 

ArmInfo. Prosperous Armenia faction member Naira Zohrabyan is in search of a director on the eve of the lost license of Varks AM credit company. The deputy wrote  about this on her Facebook page. "I ask those who find him to inform  me," she wrote.  

In particular, Zohrabyan noted that thousands of  citizens turn to her every day, who became "hostages" of Varks AM as  chairman of the Commission for the Protection of Human Rights, in  order to understand how they can get a softer repayment regime for  loans received in this CC, after the Central Bank revoked the license  from the latter.

She said that they answer her phone calls to this office that they  will transfer the request to the head, promising that the latter will  immediately call her back. However, according to Zohrabyan, from the  moment of these promises about 10 days have already passed.  Addressing the management of the company, she stated that it would  not be possible to get off so easily, and the issue would not be  closed solely by withdrawing the license.

"The liquidation commission is obliged to develop a clear liability  mechanism for such credit organizations, which for years have  squeezed money from desperate citizens," Zohrabyan wrote.  Meanwhile,  she emphasized that Varks AM  is not the only credit company in  Armenia operating at the same illogical interest rates on loans that  people today are not able to repay. "The problems of citizens who  fell into the mousetrap of Varks AM for a number of reasons will have  to be solved due to the abnormal super profit obtained over the  course of several years," Zohrabyan said.

Turning to the company's management, she emphasized: <I will ensure  that you are held accountable for what you have made of citizens of  credit hostages who have reached the threshold of despair and knocked  on the door of your office. Do not even for a minute doubt my  determination and perseverance>.  At the same time, she recalled the  decision of the Liquidation Commission, according to which customers  who have overdue obligations as of April 1, 2020 will be forgiven for  unpaid accrued interest, intermediary payments, fines and penalties  in case of full or partial repayment of the principal amount. In  addition, for those customers who do not have past due obligations on  the same date during the next two months, additional amounts  (interest, intermediary payments, fines and penalties) will not be  charged. Their obligations during this period will not be considered  past due.

Recall that on the eve of the Central Bank of Armenia revoked the  license of the Universal Credit Company "VARKS AM" (VARKS AM UCC) for  failure to comply with the minimum capital requirement. This decision  was adopted by the CB Board on March 24 this year. The message of the  Central Bank explains that the credit company provides loans at the  expense of funds raised from shareholders, and does not have the  right to attract deposits from individuals (unlike banks - approx.  Ed.). It should be noted that "VARKS AM" UKK CJSC (VARKS AM UCC) has  been functioning in the Armenian financial market since December 20,  2016. The sole shareholder of this company is FinkoInvest LLC.

According to the ranking of credit companies in Armenia as of  December 31, 2019, prepared by ArmInfo IC, the total capital of Varks  AM  CJSC amounted to 2.6 billion drams, which is not proportional to  what the regulatory total capital, according to published financial  reports, amounted to 8.977 billion drams as of December 31, 2019, and  this company never published data on the capital adequacy ratio at  all. According to the regulatory requirements of the Central Bank for  universal credit companies, the minimum amount of total capital is  provided for 150 million drams, and the minimum level of capital  adequacy is 10%.  Assets of Varks AM UCC as of this date amounted to  23.9 billion drams, credit investments - 18.95 billion drams or 79.3%  of assets. Varks Ey EM completed the year 2019 with a profit of 3.95  billion drams. The general liabilities of Varks AM UCC as of this  date amounted to 21.3 billion drams, of which 72.1% are borrowings  from the money market, 8.3% are loans / credits from banks and other  financial institutions, 11.9% are liabilities to the government, and  7.8% are other obligations.

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