Announcement of the Union of Banks of Armenia

ArmInfo. On September 20, 2019 , Yerevan Court of General Jurisdiction announced the resolution concerning the case  “B.M.L. Arzni” LLC and the Bankruptcy Trustee of the same LLC vs. “Anelik Bank'', which upheld the claim and resolved  to  confiscate a sum equivalent to  $ 22 million from the Bank in favor of  “B. M. L. Arzni” LLC .

Union of Banks, examining the court's verdict and finding out the details and facts of the case, as well as being aware of Gevorg Afandyan’s reputation, who is the real owner of “B.M.L. Arzni” and a real beneficiary of numerous bankrupt companies and, taking into cosideration the fact that the latter has legal disputes with a number of Armenian banks, raised concerns about such verdict of the court.

The Union of Banks presumes, that, while hearing the case,  the court did not act from the very essence of justice, apparently disregarded a number of essential facts and failed at disclosing important facts about Gevorg Afandyan's work style, as well as the connection of his affiliates with the case, thereby resulting in a verdict, which:

- is unprecedented in the whole history of the banking system operation in Armenia,- sets up a dangerous precedent paving a way for such unscrupulous businessmen, to extort money  from banks, through such  fraudulent lawsuits,- threatens the established banking system of Armenia in general, - endangers the reputation of the Republic of Armenia as a favorable zone for foreign investment.

The Union of Banks of Armenia will actively pay attention to each one of G. Afandyan’s  disputes with the Armenian banks, and especially the largest dispute with “ID Bank”  CJSC, constantly following the course of events. The Union of Banks also draws the attention of the relevant authorities to conduct a thorough investigation of the case, the disclosure of the facts, for the proper legal assessment of the behavior of the given person and others who adopt such practices.

The Union expects an impartial investigation of the case and a fair verdict from the Court of Appeal.