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IDBank wins the absurd "USD 22 million" case

18:20, Friday, 28 August, 2020
IDBank wins the absurd "USD 22 million" case

The appeal of the director of “B.M.L. Arzni” LTD and the bankruptcy manager of the same LTD against the decision of 12.03.20 of the Court of Appeal of RA on the case “B.M.L. Arzni Company against Anelik Bank” was dismissed.

Let us remind that on March 12 of this year the Court of Appeal invalidated the verdict of the Court of First Instance of Yerevan and qualified the demand of “B.M.L. Arzni” Company to confiscate USD 22 million from the Bank as groundless.

As Mher Abrahamyan, the Chairman of the Management Board mentioned, we can call this a restoration of justice and jurisdiction: “We are happy to mention that the Court of Cassation dismissed this absurd appeal and upheld the decision of the Court of Appeal. This means that the Bank has no obligation to the “B.M.L. Arzni” Company and the bankruptcy manager of the same company”, said Mher Abrahamyan.

Let us remind that Gevorg Afandyan, the previous owner of “B.M.L. Arzni” Company received a USD 7 million loan from “Anelik Bank” in 2010, didn’t fulfill his credit obligations, received the 33.3% of the property back, according to the agreement with the Bank (which, by the way, was invalidated by the Court of the First Instance), but later he started demanding a fine of USD 22 million from the Bank.

“I want to thank our clients who trusted us unconditionally throughout the whole process of this litigation and appreciated the services offered by us, the quality of the service and the partnership. We continue to move forward with the digitalization strategy we have adopted, to improve the tools offered and to replenish the daily life of our clients with innovative products” - concluded Mher Abrahamyan.

Reminder: The verdict of the Court of Cassation enters into legal force from the moment of its publication and it is not subject to appeal.

Communications Unit of IDBank

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