Armenian parliament member declared bankrupt

Member of Prosperous Armenia Party (BHK) parliamentary faction Tigran Stepanian has been declared bankrupt by a decision of Armenia’s Cassation Court that sustained the claim of VTB Bank (Armenia).

The bank’s press service said that since November 2010 the bank was conducting negotiations with the parliamentary deputy, BHK member, borrower Tigran Stepanian in connection with the latter’s non-fulfillment of debt liabilities towards the bank.
“Since November 2010, the bank has repeatedly notified Tigran Stepanian of starting proceedings in case of nonfulfillment of liabilities, but the parliament deputy has not fulfilled his liabilities. On September 10, 2012, VTB Bank (Armenia) filed an application to the court for declaring compulsory bankruptcy of deputy of the RA National Assembly Tigran Stepanain,” the statement reads.

An inventory of property is being made now.