Haykakan Zhamanak, a Yerevan-based newspaper, writes that Tigran Arzaqantsyan, the former member of the Republican Party's parliamentary faction, the owner of Great Valley Company, is experiencing financial problems. It has become known that his company turned bankrupt yet in February.
The paper writes that Arzaqantsyan's company was declared bankrupt on February 27 2015, after ArmBusinessBank appealed to the court against the company. However, Arzaqantsyan has a factory in the French city of Cognac too, the source reports.
Reportedly, Arzaqantsyan did not pay salary to the staff of his Artsashat Wine and Brandy Company and a deposit in Sevan. It was widely rumored that he has debts to Orinats Yerkir Party leader Arthur Baghdasaryan. Arzaqantsyan was involved in some criminal incidents too. In 2007, at the Metropol Hotel in Moscow, he was wounded, reportedly after a conflict between Caucasians. Earlier on March 29 2006, he was attacked, beaten up and robbed by the unknown at a gambling house in Moscow.