At the meeting held on January 13, 2021, the Government of the Republic of Armenia liquidated "Vorotan Hydropower Power Plant Complex" CJSC.
This company used to operate Vorotan hydrocascade located in Syunik Region.
In 2014, the company's property was alienated to Contour Global HydroCascade CJSC for $ 180 million.
A lot of unclear spots are left for the civil society regarding this transaction.
The rationale of the draft decision of the government says: 100% state-owned shares of “Vorotan Hydroelectric Power Plant” CJSC belong to RA Defense Ministry. The company is not engaged in the the main activity envisaged by its charter - production of electricity.”
A commission will be set up to carry out the liquidation of "Vorotan Hydroelectric Power Plant Complex" CJSC, after which RA Defense Minister must ensure the relevant documents of the organization and property, money, securities and property rights, and submit them to the liquidation commission within a month.
After completing the settlements with the Company's debtors, the rights to receive receivables and other claims are vested in the Ministry of Finance. After the liquidation of the company, the existing financial means will be directed to the reserve fund of the Republic of Armenia.
By another decision, RA Government transferred the management of 100% state-owned shares of "Her-Her" Hydroelectric Power Plant CJSC to RA Ministry of Territorial Administration and Infrastructure (TAI) for further alienation.
According to the draft decision of the government, "Her-Her" HPP CJSC was established, the management of the state share was transferred to RA Defense Minister by decision N 373-A of RA Government dated on 13.04.2017. It is a small hydroelectric power plant that sells its products to “ENA” CJSC.
According to the substantiation, the adoption of the draft decision is conditioned by the need to reserve the authority to manage the shares of "Her-Her" Hydroelectric Power Plant "CJSC with 100% state participation to the state body implementing the relevant policy.
January 13, 2022 at 18:16