Ukrainian fund invests $30 million in Air Armenia

YEREVAN. – Ukrainian investment fund “East Prospect Fund” has invested $30 million into 49 percent of shares of Air Armenia company, managing director of the fund Vladimir Bobilev told reporters in Yerevan.

It will be possible to transfer the most of these funds or even all to Armenia in the first quarter of 2015, and this will help the Armenian airline to upgrade its fleet.

The company is registered in the British Virgin Islands, but in response to comment on the issue, managing director called not to use “ an offshore company” phrase.

“We are a licensed financial institution that operates under British law and is subject to the same regulatory standards as any bank. Tax-free jurisdiction itself has nothing to say,” he said, adding that Soros Funds have such a status, too.

Fund's portfolio is about $ 2.5 billion, and includes investments in a number of enterprises in Ukraine.

Fund's adviser on investment policy Catherine Pavlyuk noted that the decision to cooperate with Air Armenia was made on the basis of a serious reputation of company's director general Arsen Avetisyan who is known abroad.