Thursday, July 11 2013 12:53

Armenian MP Tigran Stepanyan declared bankrupt pursuant to application of VTB Bank (Armenia)


ArmInfo. Armenian Parliamentarian from Prosperous Armenia Party Tigran Stepanyan has been declared bankrupt by the decision of Court of Cassation of Armenia dated May 29 2013.

The press-service of VTB Bank (Armenia) told ArmInfo that the since November 2010 the bank had been negotiating with the parliamentarian, the head of the Committee for Human Rights and Public Affairs, the bank's borrower Tigran Stepanyan over the latter's debt obligations to the bank. Despite the repeated notifications by the bank since November 2011, Tigran Stepanyan delayed the payments.

As a result, on September 10 2012 VTB Bank (Armenia) CJSC applied to the Court for forced bankruptcy of the parliamentarian. The parliamentarian has not given any reasonable explanations about the trial yet.

VTB Bank (Armenia) CJSC is a member of international financial Group VTB since April 2004. Currently the second largest in Russia VTB Bank OJSC) owns 100% of the shares of VTB Bank (Armenia). The bank traditionally ranks among the leaders of the banking system of RA in terms of a number of key indicators. Now the Bank has the largest branch network in the country - 69 branches (including 2 mini- branches).
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