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 Armenia on the case “B.M.L. Arzni Company against Anelik Bank” has been dismissed.
 
The bank has said in a statement that on March 12, 2020 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 has said, it is 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.

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 and received the 33.3% of the property back under the agreement with the bank (which was invalidated by the Court of the First Instance). However, later he started demanding a compensation 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.

The bank has also reminded that the verdict of the Court of Cassation enters into legal force from the moment of its publication and it is not subject to appeal.