Creditors of Bankrupted Supermarket Chain Wait In Line to Receive Money, But With No Hope

The bankrupted Star supermarket chain, according to court verdict, had 10 billion drams worth of debt to a  number of businesses. To this day the latter have not received their money, writes the Hraparak newspaper stressing that there is currently a new “rip-off scheme” going on. 

The paper writes that every day about ten suppliers of the Moskvichka trade chain wait in line in front of the Business Leader Holding office. However, the companies have no hope that their losses will be restored. “In the wholesale trade sector usuallu we work relying on one’s honest word because there is no legal mechanism to guarantee one from losses,” said a Business-Leader Holding Company creditor Levon Farmanyan, who deals with importing dairy products and wholesale, to the Hraparak journalist.

Farmanyan assured that he annually loses around 10 percent due to dishonest businesses and this situation is widespread. “I have court verdicts regarding a dozen of subjects that have ruled confiscation, but it’s not possible to actually implement the confiscation because the compulsory enforcement service says that the subject doesn’t exist or has no assets,” said the entrepreneur.

Note, that Moskvichka supermarket chain belongs to Yerevan’s former police chief Nerses Nazaryan’s family. The supermarkets began to slowly close after Nazaryan’s dismissal, according to the media, the company is in serious financial problems.