South Caucasus Railways Director General Shevket Shaydullin criticized Armenian Transport Minister Gurgen Sargsyan for his statements, which “undermine the company’s international image.”
“Armenian Transport Minister Gurgen Sargsyan’s statement that the company management has failed to fulfill some provisions of the concession agreement and made 28% of presumed investments is untrue,” Shaydullin said in an open letter.
“The SCR investments totaled 2.5 billion rubles of cash flow in 2008. The fixed capital stock amounted to 612 million rubles, what comprises 61% of the concessionaire’s obligation.”
Mr. Shaydullin said that a commission for monitoring of fulfillment of concession agreement was formed early this year. “Three meetings have been already held to work out measures to settle existing problems,” he said.
