ArmInfo.Armenia is not engaged in racketeering, Minister of Finance Vahe Hovhannisyan told a press conference as he commented on the transfer of shares of a number of companies to Armenia as a gift.
JSC "Industrial Company" acquired 60% of the shares of ZMMK and on September 30, 2021 donated 25% of its share to the government of Armenia. On March 24, 2022, the government received a gift of another 6.875% of the shares, thus becoming the owner of 21.875% of the shares or 1/5 share in the plant. Then, on January 18 this year. The government of Armenia approved the decision to accept a donation of 12.5% shares of the Lydian Armenia company, which operates the Amulsar mine. Recently, the new owner of the MTS Armenia company, the Cyprus-based Fedilco Group Limited, announced its intention to transfer 20% of the operator's shares to Armenia free of charge.
The head of the Ministry of Finance indicated that the transfer of certain shares in companies to Armenia was based on the fact that these areas are of strategic importance for the state.
But, while there is no strategically formulated goal and general perception, it may seem to some that the choice of companies is a matter of taste, Hovhannisyan noted. At the same time, the head of the Ministry of Finance agrees that if the public and investors are not aware of "how everything is happening, certain problems may arise for the investment environment." In this regard, as Hovhannisyan pointed out, the authorities need to be extremely careful so as not to disrupt the investment climate through their actions.
"I assure you that we are not engaged in state racketeering and will not and do not take anything away from anyone," concluded the RA Minister of Finance
