IT Park's Financial Quandry: Is Artshininvest Bank to Blame?

17:16, November 26, 2012

The number of employees at the Computing Techniques and Informatics Scientific Research Institute  (CTI SRI) , commonly known as IT Park, in Yerevan has been halved in recent years. Right now, the company has thirty employees.

It's an office centre that rents out space and computer equipment to around 50 firms employing some 600 people. IT Park management says that Artshininvest Bank is the cause of the problem.

In 2010 IT Park took out a $2.8 million loan from the bank. As collateral, the company used a 1.695 hectare parcel of land and a 13,200 square meter building at #6/1 Abelyan Street, Yerevan.

At the time, the Tigris Company appraised the property at $2.8 million ($7 million at today's exchange rate)  Read more... (637 words)

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