Spayka CEO to be freed from arrest - State Revenue Committee

Davit Ghazaryan, Director at Spayka which is Armenia’s leading freight and agribusiness company will be freed as the grounds for his arrest have been dropped. The State Revenue Committee (SRC) said on Saturday that in the scope of the ongoing criminal investigation into tax evasion, the Spayka director has paid 1 billion AMD to a single bank account, and the investigators decided to change the detention measure.

In early April, the Yerevan Court allowed investigators to hold Ghazaryan in pre-trial detention. It also rejected a separate petition to free him on bail.

To remind, according to the charges brought against Ghazaryan, Spayka evaded over 7 billion drams ($14.4 million) in taxes in 2015-2016. Ghazaryan, rejected the claims as baseless, saying the SRC moved to arrest him after he refused to pay the alleged back taxes.