ARMAVIA PROSPERS AND IS NOT FOR SALE
Lragir, Armenia
Nov 8 2006
The owner of Armavia Airlines Mikhail Baghdasarov refuted the news
about the sale of Armavia on November 7. He said that the company has
overcome the crisis and will not be sold. Mikhail Baghdasarov even
suggests who could have spread these rumors. According to the owner,
these are the workers of the company who get a salary but instead
of working they spread rumors. Baghdasarov stated that these workers
will be fired soon. He says that the disaster of May 3 taught him a
lesson, and now he is likely to make major technical and structural
changes in Armavia. The owner is likely to lay off 90 out of the
490 emloyees of the company, and he thinks that a staff of 400 is
sufficient and optimal.
Instead, Mikhail Baghdasarov confirms that he has sold his 30 percent
of stocks of the former Armsavingsbank, presently VTB Armenia. He
is negotiating the sale of his share with the leadership of VTB,
and he says if VTB refuses to buy his share, he will sell it to
another buyer. He is sure to sell because Baghdasarov says he is
dissatisfied with the management of VTB. Particularly, Baghdasarov
disliked the decision of the VTB leadership to close down 40 branches
of VTB Armenia in the regions of Armenia.