Newsfeed

VTB Bank (Armenia) among top 3 Armenian banks by amount of taxes paid in Q1 2016

Armenian Defense Ministry on possible provocations on May 9: One should be vigilant - the situation may escalate at any moment

In 2015 Anelik Bank increased personal time deposits by 16% amid 20% growth in retail lending

Aliyev gives an award to murderer of Armenian soldier Kyaram Sloyan

Ashotyan: Armenia pins no hopes on allies within CSTO

Yerevan: Baku is preparing ground for new military actions

Azerbaijani side pulling more forces and military hardware to its positions along Line of Contact: NKR Defense Army

Beeline Subscribers buying Micromax Bolt D320 smartphones to get a subscription to Smart 1500 tariff plan and 5GB internet

Commanders of volunteer platoons call on fresh forces to join them on frontline in Nagorno Karabakh

Serviceman Sargis Gasparyan died in Stepanakert on May 2 night

Zardusht Alizade: After Ukraine and Syria, Putin wants to play a peacekeeper’s role in Karabakh

Azerbaijani Armed Forces again shelling Armenian positions

Nagorno-Karabakh Defense Army: Adversary will receive response for its actions

Two servicemen of Nagorno-Karabakh Defense Army die in conflict zone

Hrant Bagratyan stresses the need to expand the scale of dismissals in Armenian Defense Ministry system

Head of EU Delegation to Armenia: Both Armenians and Azerbaijanis should prepare for peace

Parliamentary forces of Armenia ready to sign "gentleman's agreement" on excluding pre-election bribes

Mammadyarov to Sargsyan: Conditions put forward for resumption of negotiations undermine peace process on settlement

Azerbaijani FM: Russia has offered a phased solution to the Nagorno-Karabakh conflict

Zaruhi Postanjyan: Large-scale armed hostilities in Artsakh are yet to start

Armenian delegation comments on the ban on Artsakh flag at Eurovision Song Contest

UITE: 300 specialists and 50 companies in IT sector and engineering willing to contribute to development of Military Industrial Complex of Armenia

Sharmazanov to Mammadyarov: Baku will not succeed in its attempts to throw dust in eyes of international community

Armenian PR Association to establish with Beeline's support the first national PR award in Armenia

Areximbank-GPB Group staff members visit schools in Armavir region under My Finance Month-2016 project

Armenia's Parliament Vice Speaker: No negotiations are possible unless Azerbaijan stops violating ceasefire

U.S. Congresswoman Loretta Sanchez Calls for Leahy Law Investigation of Azerbaijani Abuses

Bako Sahakyan says Karabakh will cede no land and urges world community to reconsider its attitude towards aggressor

Bako Sahakyan: Karabakh conflict cannot be settled, unless Artsakh in involved in peace talks

Konstantin Kosachev: Turkey's stance on Karabakh encourages of one the sides to the conflict to continue it

Azerbaijan continues violating ceasefire arrangements

Armenian Defense Ministry registers 18 incidents on border with Azerbaijan

SCR: Number of railway casualties in Armenia keeps increasingly growing

Ankara hopes Karabakh conflict will be resolved with due regard for 'sovereignty' of Azerbaijan

Beeline extends functions of My Beeline Armenia application

Nikol Pashinyan: Opposition exaggerates Electoral Code's role in holding fair elections

France-Karabakh Circle of Friendship perplexed by lack of Paris' official reaction to Baku's explicit threats

Nagorno-Karabakh Defense Army presented evidences of rocket bombardment of Mataghis by Azerbaijani armed forces

Central Bank of Armenia approves merger agreement of ProCredit Bank and INECOBANK

Stratfor forecast: Military escalation will continue to be a possibility in Nagorno-Karabakh, with effects that reach far beyond the bounds of the small contested territory

Regional

Armenian Prime Minister wants to put an end to the conflict between Old Erivan Holding and Unibank

  • by Emmanuil Mkrtchyan

  • Saturday, June 21, 02:40

Armenian Prime Minister Hovik Abrahamyan is determined to put an end to the escalating conflict between Old Erivan Holding and Unibank. Abrahamyan has told journalists that he has recently received for the second time Manvel Ter-Arakelyan, the owner of Old Erivan Holding, and discussed with him the possibility of signing of an amicable agreement.   

The conflict between "Unibank" CJSC and "Old Erivan Holding" LLC has turned from a civil conflict into a conflict of a criminal nature. Both Head of Unibank Vardan Atayan and owner of Old Erivan Manvel Ter-Arakelyan have applied to law-enforcement structures and each of them is lodging a motion to bring his opponent to criminal responsibility. The proceeding is going on at the court of general jurisdiction of Kentron and Nork-Marash administrative districts.        
Manvel Ter-Arakelyan has repeatedly pointed out in his interviews that his company has been declared bankrupt deliberately, hinting at the attempt of hostile takeover of his company by the Bank. However, he has specified no names.   

Hetq.am, a website of the investigative reporters, says that on 25 May 2009 Unibank and Old Erivan Holding concluded a loan agreement, under which the repayment of the principal amount and the interest was to start 2 years later. According to the Holding owner, the Bank e-mailed him two versions of the repayment schedule. One of the versions implied the loan repayment within a comparatively shorter period (nearly 44 mln AMD monthly). The other one stipulated a comparatively longer period (nearly 32 mln AMD monthly). Ter-Arakelyan chose the latter, i.e. the long-term version of loan repayment. The same day the Bank's representatives brought the agreement to him. Ter-Arakelyan signed the document but later he pointed out that he was mistakenly given the first version. 
Afterwards, the Bank itself made sure that it had sent the wrong version to the customer. So, it sent its representatives to Manvel Ter-Arakelyan once again, this time with the second version of the agreement, which he signed and sealed. "Thus, two agreements were concluded, however, only the second one is in force. Moreover, on 25 May, when repayment schedule was launched, the Bank withdrew 32 mln AMD from my account, i.e. as much as required by the second agreement. Moreover, the Bank called my accountant and said that we needn't visit the Bank because they have withdrawn the required sum from my account and that everything is all right. That is to say, they were well aware that the first agreement was not in force", said Manvel Ter-Arakelyan. He added that afterwards another bank offered him refinancing on better terms (at a lower interest rate) and decided to repay the whole debt to Unibank. 

At first, Unibank accepted the offer, but a month later, on June 17, 2014, it sent Old Erivan a paper saying that they had failed to meet their obligations, that is, to pay 44mln AMD on May 25, so, they would have to pay a fine. "They refer to the first agreement, which obliges me to pay 44mln AMD, but why then did they withdraw from my account the sum envisaged by the second agreement? They have left 305,000 AMD on my account. If I actually had to pay 44mln AMD, they should have left no money there and should have told me that I owe them the rest as I didn't have so much on my account," Ter-Arakelyan said. 
He said that based on the first agreement, Unibank CEO Vardan Atayan has complained to the police that he (Ter-Arakelyan) has forged Unibank's seal and his signature so as to swindle money of the bank.  "He claims that my signature and the bank's seal in the second agreement are also forged. And now I have to answer for this false denunciation," Ter-Arakelyan said.

Meanwhile, Unibank says that the owner of Old Erivan has organized this campaign against the bank so as not to pay the loan. 

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields