Wednesday, October 3 2012 16:24

Union of Banks: Financial Arbitration in Armenia in progress


ArmInfo. Financial Arbitration in Armenia is in progress, Naira Markaryan, Head of the Commercial Arbitration, Union of Banks of Armenia, said at a seminar organized by the Club of Economic Journalists, Wednesday.

She said that the financial Arbitration is becoming more and more popular in Armenia. The financial ombudsman's institution receives applications for settlement of various disputable issues connected with bankcards and other issues from both legal entities and privates. Markaryan said that the arbitration court is currently discussing a number of issues, including claims.

The system is quite effective in disputes over contract liabilities due to its status: the decisions by the Arbitration are not subject to disputing. The Arbitration can submit a case to the court only subject to the consent of both the parties, Markaryan said. Since the beginning of the year, the Commercial Arbitration of the Union of Banks of Armenia has studied nearly 350 cases, with another 150 cases being in progress.

Armen Voskanyan, Secretary of the Arbitration Court, said in turn that the Financial Arbitration is in progress in Armenia despite its 5th anniversary to be marked in 2012. The structure has a number of advantages. For instance, Arbitration hearings are secret and take no longer than 4 months and can be held in 8 languages.
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