Panorama.am

20:05 31/01/2007

ARMENIAN CAPITAL FLOWING FROM ARMENIA

`Grand Holding’ refused to answer questions of Panorama.am saying they
are discontent about the interpretation of facts on Michael
Vardanyan. They also complained that the information was posted at
Panorama.am portal apart from `My Right’ newspaper. It became clear
from the conversation that they are discontent that the article was
titled `Rat run’ referring to Michael Vardanyan’s leaving the Armenian
Revolutionary Federation (Dashnakcutiun).

It is well known that the behavior of some Armenian businessmen is out
of any rational thinking. Moreover, the Armenian oligarchs use to
close information to public at unreasonable excuses or even depending
on their mood at that particular moment.

We must inform Hrant Vardanyan, the chairman of `Grand Holding’ that
we are not asking why he did not file a law suit against Ruben
Hakhverdyan for insulting him as he intended to. Nor do we ask why he
got hold of 30 ha land at Jrvej forestry without any legal grounds.
We also do not ask what is the aim of the film on Ruben Hairapetyan
shot at the order of H. Vardanyan. The question of `My Right’
newspaper relates to the investment made by the company in Armenia and
abroad in the course of the last three years.

Hrant Vardanyan does not lose the chance to flow the Armenian capital
out of the country in the case when the Armenian president, government
institutes put every effort to advertise the Armenian investment
environment and pay $1000 to CNN for promotion.

H. Vardanyan thought about foreign investment when the dollar was
sharply devaluated in Armenia and when the business of exporting
companies stopped bringing as much profit as was planned. It was then
that Vardanyan said he will export capital if the currency exchange
remains the same. The Armenian dram not only kept its positions but
also strengthened against USD. Only in 2006 it strengthened against
USD by 10 percent. Taking into consideration this fact we may say that
Vardanyan could timely export the Armenian capital. It is clear after
all these why `Grand Holding’ refused to answer our questions.

Source: Panorama.am