Major Armenian Fish Farm Declares Bankruptcy

13 November 2015, at 12:00am

ARMENIA - Unifish, located in Ararat Province, was taken to court by the Acba Credit Bank after it failed to pay 6.5 million and US$5.1 million in loan repayments by the June 2015 deadline.

As part of the government's campaign to shut down illegal wells in the Ararat valley, the ministry of the environment closed five wells operated by Unifish at its Sayat Nova hatchery, reports Hetq.

Artur Atoyan, president of Armenia’s Fish Farmers’ Union, told Hetq that if the ministry continues to display its indifference towards the aquaculture sector, another 35 fish farms in Armenia will close as well.