On the occasion of the Army Day Mikayel and Karen Vardanyans donated 330 million drams to 1098 families of the killed in the 44-day war, having minor children Ameriabank named Best Foreign Exchange Bank in Armenia by Global Finance Galaxy Group Member TI’MEcelebrated its 10 years of establishment At the expense of the «Tovmasyan» Foundation in the basic school No. 143 after. Movses Khorenatsi opened a modern engineering laboratory With the support of Mikayel and Karen Vardanyans in the amount of 136 million AMD, the Myasnikyan monument was thoroughly repaired Classical music is part of the corporate culture. A joint project of Galaxy Group of Companies and the State Symphony Orchestra of Armenia Karen Vardanyan donated passenger cars and necessary inventory to 5 orphanages in Armenia on the occasion of June 1st Ameriabank awarded with TFP Prize for Deal of the Year 2021: Green Trade by EBRD Global Finance names Ameriabank Best Bank in Armenia in 2022 Armenia is a good place to invest in. The interview of Artyom Khachatryan, Co-Chairman of Galaxy Group, with HOTCO 

Artak Tovmasyan, Board of Trustees of Tovmasyan Foundation and Dvin Hotel Owner, Wins Over Investment Dispute in Finland

Armenia

Finnish investments. Justice restored

Artak Tovmasyan, Board of Trustees of the Tovmasyan Foundation and Dvin Hotel Owner, made investments in Finland years ago, which resulted in legal disputes. Eventually, the Finnish courts restored justice to the Finnish investments made by the Armenian businessman.

During the interview with LURER.com, businessman Artak Tovmasyan talked about the developments over Finnish investments.

"Our company was financing a number of projects, one of which was that Finnish project. Our company was the investor of the factory, but the management was carried out by others. After two years, the managers had to service the allocated financial resources, but 2 years later, they refused to deliver on the promised stake. In addition, they refused to fulfill their financial obligations. Not only did they not keep their promises, they even threatened to call the police. Of course, we announced that if the agreements are not fulfilled, we will take the case to court, which we did. "

According to Artak Tovmasyan, the court made a decision in their favor, as from the legal point the demand was clearly legitimate and well-reasoned. After the court decision, the management of the factory was transferred to their company. "Let me say at once that the city authorities were interested in ensuring the smooth operation of the factory, as the city is small and the factory plays a strategic role. However, during the dispute a publication was ordered and made related to the Russian Bank, which was used to question our company's investments. In fact, the problem was not with our company, but with the bank where the company's assets were kept, based on the deposit agreement. We had nothing to do with the owners of the bank, of course, like other depositors, we could not assume that the licensed bank controlled by the Central Bank could have problems. As a result, we demanded a loan portfolio from the bank to guarantee the return of our funds. Two weeks later, the bank was stripped of its license, and all transactions during the previous six months were canceled in accordance with the law. Let me mention that this bank was in the list of the best 100 banks in Russia. Later, an investigation was conducted into the bank's bankruptcy. Within the framework of arbitration processes, the bank's obligation to our company was restored. It is beyond doubt that the information in this article and its copied prints has nothing to do with the truth," said Artak Tovmasyan.

According to the businessman, the owner of the Russian bank had taken out the bank's assets through the instruments under his control and an attempt was made to link the name of our company with the owners of the bank and their transactions. "However, the investigation of the criminal case confirmed that our company is just a depositor, whose name has remained in the list of creditors until today. However, the bank is still unable to return the depositors' money. There are many other companies in the list of creditors like ours. There are four lists and we are in fourth. The issue is still pending, and the bank debt is not repaid till now, "Artak Tovmasyan said.

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