EBRD Suspends Allocation of $20 Million Credit to YBC

YEREVAN (Armenpress)–The European Bank for Reconstruction and Development has decided to suspend release of a $20 million credit to the Yerevan Brandy Company–a spokesman for the YBC told Armenpress.

Arkady Yeghiazaryan–the head of the YBC press office said that according to a preliminary agreement–the EBRD had to allocate the credit last March–but the YBC had to review its plans due to a dispute with the government–which failed to annul the trademark of the Great Ararat company–another brandy producer–which refused to cancel use of the brand-name Ararat on its labels.

Pernod Riccard says it obtained exclusive rights to the name when it bought the state-owned YBC in 1998 for $28 million.

Armenia’s prime minister Andranik Markarian met with executives of the French Pernod Riccard Company–last Friday–in an attempt to find a solution to the dispute between the government and the company that had been spoiling relations between the two for months.

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