Armenia’s state coffers take $11 million hit over opposition leader’s case

The two-month suspension of operations at oligarch and Prosperous Armenia Party leader Gagik Tsarukyan’s Multi Tabak company has already caused $11 million in losses, the party’s spokesperson Iveta Tonoyan said.

Tonoyan described the financial losses suffered by Tsarukyan’s companies, which were shut down and sealed following his arrest, as alarming, according to Sputnik Armenia.

“Of course, these losses also affect the country’s budget, as the state is receiving less in taxes,” she said at a press conference, adding that “the company mentioned alone has lost 4 billion drams (about $11 million) since July.”

Armenian media reported that dozens of companies operating under the Multi Group concern ceased operations following searches on July 6. As a result, around 7,000 employees were sent on forced leave.

By Jeyhun Aghazada