Central Bank's Statement on Complaints Against Varks.am

The Central Bank of the Republic of Armenia has issued a statement regarding the numerous complaints lodged against Varks AM LLC. The statement from the Public Relations Department of the Central Bank reads:

“Dear citizens, recently, we have received numerous complaints regarding Varks AM LLC (hereinafter referred to as the Organization). As is known, by the decision No. 13-Ա of the Council of the Central Bank of Armenia dated March 24, 2020, the license for the Organization's operations has been revoked.

Based on this, in accordance with the established procedure outlined in the legislation of the Republic of Armenia, a liquidation commission has already been formed for the Organization, to which you can now address your complaints or clarify any questions regarding your obligations.

We would like to inform you that the liquidation commission has made announcements regarding the numerous questions raised to the Central Bank of Armenia, addressing issues of concern to the citizens. You can familiarize yourself with the statements of the liquidation commission by visiting the news section of the website varks.am.

For additional questions, you can contact the liquidation commission by calling (012) 700 000 or emailing [email protected].

Below are the statements made so far by the liquidation commission regarding the borrowers:

Varks AM Liquidation Commission Announcement:
According to the liquidation plan approved on March 26, 2020, for "Varks AM Liquidation LLC", the liquidation commission has decided: For those customers who have overdue obligations as of April 1, 2020, all accrued interest, fees, penalties, and fines will be waived if the principal amount is fully or partially paid back. Customers without overdue obligations as of April 1, 2020, will not have any additional amounts (interest, fees, penalties, and fines) charged over the next two months. The obligations of these customers will not be considered overdue during this two-month period.

If you have questions, please contact the liquidation commission at +(374 12) 700 000 or email [email protected].