Major taxpayers 'selling stocks' in search of profitable businesses - opposition MP
Major taxpayers are now selling their stocks to relocate their capital to sectors promising a higher profitability, an opposition MP from the Prosperous Armenia Party said today.
"I will refrain from naming specific subjects as I am not entitled to do so, but before the adoption of the [illegal enrichment] law, major companies in 2019 - and as of 2020 - were facing sale transactions. I mean companies operating in most different sectors, i.e. - mining and mountain industries, energy, telecommunications, etc.," Mikayel Melkumyan told Tert.am at the National Assembly, when asked to comment on the processes surrounding Ucom, a major telecommunications operator in Armenia, and Shangrila, a casino close to capital Yerevan.
Meantime he admitted that similar transactions apply also to business entities owning the Russian capital.
"After my analysis from different sources, I found out that their founders - who, as you rightly mention, are based abroad - relocate their capital mainly to [sectors] with a high profitability. The profitability here has hit record low, but a process of economic revolution is thought to be simultaneously underway. However, profitability cannot possibility drop during an economic revolution," Melkumyan explained.
Admitting that their political team backed the bill in parliament earlier this month, the politician said they also voiced their concern about the imminent risks. "If, for instance, the state agency responsible for property registration came into being in 1999, how can they possibly apply [the measure to any property acquired] since 1991?" he said, citing earlier re-evaluations of major means as the second important factor.
Melkumyan said he thinks that the adopted measure has to face the test of time before becoming a political instrument.
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