Zhoghovurd: Ex-chairman of ArmBusinessBank arrested

‘Zhoghovurd’ paper writes citing its sources that ex-chairman of the Board of ArmBusinessBank CJSC Ara Kirakosian was arrested. According to the paper, rumors about problems in ArmBusinessBank have long swirled and law enforcers actively worked there.

‘Zhoghovurd’ wrote on March 28, 2013 that Hakob Hovsepian, the brother of Armenian President’s Control Service Hovhannes Hovsepian, was conducting negotiations with the bank with the aim of purchasing it.

According to the paper’s sources, prior to purchasing the bank, Hakob Hovsepian made an attempt to clarify – through an audit firm – its financial state. “Auditors revealed that the chairman of ArmBusinessBank Board Ara Kirakosian suffered a financial loss of hundreds of millions, moreover, some employees of the bank provided loans without security, while other employees lost the bank’s money at casinos…

Upon learning about this, Hakob Hovsepian changed his mind. Instead of him, the bank’s owner started to deal with ArmBusinessBank’s problems by informing law enforcers about the situation there,” the paper notes.

‘Zhoghovurd’ learned that last week Ara Kirakosian was detained by the National Security Service (NSS) and later taken into custody by a court’s decision. NSS has not yet said what charge was brought against him.