CONTROL CHAMBER CONTROLLING
Support A1+!Parliament Control Chamber has today discussed and approved the report of CC Foreign Credit Control Department on usage of the means allowed under credit programs by “Leense” Fund and “Development of Enterprises”.
Under January 13, 1997contract, ”Association of International Development” have allocated a credit of $ 13.2 million by Government “Development of Enterprises”. The sum was to be distributed among the Armenian enterprises and organizations. For the same purpose “Leense” Fund have allowed a credit of $ 20 million to the Armenian Government.
As a result of CC checking, legal act breaches and shortcomings while implementing the programs, facts on inefficient usage of credits were fixed.
Under the press release of CC Information Service, majority of the credits wasn’t returned, about $ 5 million of “Development of Enterprises” and about 2 milliard drams of “Leense” Fund.
50% of the banks, which participate in the program, is bankrupted or insolvent. 8 of the enterprises having been granted credits were declared bankrupt, seize decision towards extra 8 was made for tax evasion, 4 run without profit and 37 were produced to Court claims by the trade banks.
