Armenian government decides to write off part of electric networks’ debtor debt
Earlier, the government decided to sort through the matter and after that created a possible loss reserve for debtor debts accumulated from default in payment for the supplied electricity. Cases when debts could be classified as bad were specified as well.
Hovik Abrahamyan, prime minister, instructed Vakhtang Mirumyan, head of the State Revenue Committee, to release to public details of the decision and explain them.
The total debtor debt of the Electric Networks amounted to more than AMD 17.4 billion by February 1, 2016.
On September 30, 2015, Tashir Grop, belonging to Samvel Karapetyan, a Russian entrepreneur of Armenian descent, bought Electric Networks CJSC and Hrazdan Thermal Power Plant from Russia’s Inter RAO UES. --0----