“Puma” Uzbekistan at the center of scandal

According to Euromedia, tensions have arisen between Armenian businessmen involved in a joint venture abroad. As their project expanded, one of the partners allegedly began acting unfairly toward the other. Sources report that businessman Arman Harutyunyan, the representative of global brands Cole Haan and Levi’s in Uzbekistan, is preparing to expand operations by introducing another major name to the market — the world-renowned Puma sports brand.

However, insiders say that in connection with this new development, Harutyunyan has taken steps that disregard a previous verbal agreement with his partner. Specifically, he unilaterally canceled an agreed-upon change in shares, despite the fact that the other partner had fulfilled the conditions for the change. We reached out to businessman Arman Harutyunyan for a comment on the matter.

Essentially, he did not deny the information but avoided making a statement: “I have no comment, as I believe this is an issue to be resolved between the partners. And if there is a conflict, there are appropriate authorities for that — the court, the company charter, and lawyers. We don’t need to continue this on a media platform. By the way, you’re also saying that if I don’t comment, it means I’m not denying the existence of a conflict. That’s not true — there’s no such thing. I simply don’t want to comment,” said Harutyunyan.

It should be noted that Arman Harutyunyan is the owner of 90% of Free Style Group LLC (https://www.fstylegroup.com/), while the remaining 10% is held by Sona Mkrtchyan. The Uzbek venture in question was established jointly between Free Style Group and another Armenian businessman.

Euromedia will continue to follow developments in this dispute and provide additional details in the near future.