EADB Refuses Loan to Armenian Company Spayka

The Eurasian Development Bank has halted the process of granting a loan to the Armenian company Spayka. This was stated by the Chairman of the Bank's Management Board, Andrey Belyaninov, during a meeting with Armenian journalists today in the Russian city of Konakovo.

"Everything is ready on our end, but we have suspended financing. We cannot allocate funds immediately when bankruptcy is a possibility," Belyaninov mentioned.

He also confirmed that no processes would take place until the criminal case is completed.

"This is the shareholders' money, and we cannot put it at risk. However, we have not sent this issue to the archive; we have merely postponed it due to force majeure circumstances," he added.

Earlier, it was reported that the State Revenue Committee accuses Spayka's director David Ghazaryan of evading large tax obligations and customs duties. According to the SRC, the company has been found to have not paid taxes amounting to 7,036,666,312 drams.