Monday, November 18 2019 15:52
Alina Hovhannisyan

Armenian commercial banks have united around problems connected with  entrepreneur Gevorg Afandyan

Armenian commercial banks have united around problems connected with  entrepreneur Gevorg Afandyan

ArmInfo. Eight Armenian  commercial banks headed by IDBank appealed to RA Prime Minister Nikol  Pashinyan and CBA Chairman Arthur Javadyan in connection with a  lawsuit initiated by entrepreneur Gevorg Afandyan against IDBank.  Chairman of Management Board at IDBank Mher Abrahamyan at a November  18 press conference stated this.

 

Abrahamyan noted that with such an initiative, banks do not expect  any mediation in judicial matters by the authorities, since they  consider this an unacceptable phenomenon. ,  he said, recalling that IDBank is an organization with 100% foreign  capital.

Opening the contents of the letter, Abrahamyan noted that in the  letter the commercial banks asked to accelerate the reforms in the  judicial system of the Republic of Armenia in all directions, which  would preclude the adoption of such biased decisions.

, he  stressed.

Continuing the above, IDBank's Chairman of the Management Board  announced that the appeal to international authorities is not the  most prudent decision , since such an initiative poses threats to the  country, in particular in terms of rating and the business  environment as a whole.

To recall, in 2010 Gevorg Afandyan received a loan of $ 7 million  from Anelik Bank, which was secured by the property complex of the  Arzni mineral water plant with an area of 14 thousand square meters,  a land plot of 2.8 hectares and another trifle. Unfortunately,  Afandyan by that time was no longer able to pay the loan and, as a  result, did not fulfill his obligations to the bank. Under normal  conditions, the mortgaged property was transferred to the bank on the  balance sheet and after some time it was alienated in order to cover  losses. But the agreement contained a , which the former  management of the bank, and especially its consultants, could not  have known. When taking this large loan by our standards, a proposal  was written in the document, which, in case it comes to the  alienation of collateral, provided for the possibility of a  pre-emptive repurchase of this property from the bank by the borrower  himself for the noble purpose of not breaking the business and trying  to fulfill obligations over time.

At that time, the Lebanese Credit Bank SAL acted as the owner of the  bank, and the bank's management accepted this proposal and concluded  an agreement with G. Afandyan, under which Anelik Bank undertook to  provide the mortgagor or the third person indicated by him with an  exclusive preference for redemption of collateral for a period of 2  years. The same agreement stipulates that in case of non-compliance  with the specified pre-emptive right to purchase, the bank is obliged  to pay a fine five times (!!!) the cost of recovery, and the fine  should be sent to the "Central Station", "Ecoprint" and "Supra" LLCs  owned by the Afandyan family "in order to repay their current  obligations to the bank.  In August 2016, the Lebanese management and  shareholders in the Vergins Islands created an offshore company with  the sonorous name Private International Company (PIC), followed by  the Armenian "Tarmak" LLC affiliated with it, to which the property  complex of the "Arzni" mineral water plant was sold in October of the  same year. After Afandyan filed a lawsuit against the bank and  requested $ 21 million, for that, it turns out, he was not aware of  his son's participation in the offshore transaction and the family  bought back its property pledged 10 years ago. The court found the  Afandyan testimony reliable, and "Tarmak" LLC considered it a third  party in the process. And as a result, the lawsuit filed by B.M.L.   ARZNI Hakob Asoyan against the bank was very quickly satisfied in  March 2018 by the judge of the court of general jurisdiction of  Kotayk region Tigran Poladyan. The bank successfully appealed the  decision of the trial court to the Court of Appeal, which sent the  case for further investigation. However, the court of general  jurisdiction of Yerevan, chaired by Judge Gayane Mazmanyan, on  September 20, 2019 partially satisfied the claim of B.M.L. ARZNI to  recover from the bank an amount equivalent to approximately $ 22  million as a fine under the agreement.

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