Wednesday, 13 November

Ex-Chairman of the Board of ArmBusinessBank CJSC Sentenced to 13 Years

Ara Kirakosyan, the ex-chairman of the Board of ArmBusinessBank CJSC, detained for money laundering, was found guilty of all charges imposed on him and sentenced to 13 years in prison.

From August 2012 to March 2013, using false contracts and payment orders, he appropriated a transfer of 5,804,577,000 drams (equivalent to 10,980,000 euros) by the Russian Mir Business Bank CJSC in Moscow.

His sentence was calculated starting from December 6, 2013. The court also decided to confiscate all his property, with the amount less than equivalent to one million euros.

ArmBusinessBank CJSC had also filed for damages against Kirakosyan, and the court obliged him to pay 8.3 million euros in compensation.

Kirakosyan, chairman of the Board of ArmBusinessBank CJSC from August 21, 2006 to October 1, 2013, will also have to pay 480,900 AMD in court fees.



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