Former Syunik Governor Surik Khachatryan declared bankrupt

Surik Khachatryan, a former politician who twice served as Governor of Syunik (2004-2013, 2014-2016), has been declared bankrupt by a court, according to the Datalex online judicial information platform.

According to the available documents the Armenian “ARMBUSINESSBANK” bank requested a court to declare the ex-governor bankrupt for the latter’s failure to repay 1,000,000 dollars in credit.

Khachatryan signed a credit contract with the bank in July 2017 and was granted a 1,000,000 credit line with an annual 10% interest rate. He had to repay the money by July 2020.

The bank said it warned Khachatryan about his failure to implement obligations and said it is entitled to confiscate the entire sum. In July 2018 Khachatryan was warned again and given a two-months period to fulfill obligations, but he failed to do so again.

As of December 2018, the ex-governor’s debt to ARMBUSINESSBANK totaled 1 million and 12 thousand dollars, from which the used overdraft money was 920,705 dollars and nearly 50,000 dollars in interest rate, plus other liabilities.

But Khachatryan has disputed the version of the bank and his lawyer filed official objections to court, claiming his client has not received neither the warning, nor the notification of confiscation. Khachatryan also disputes the amount of the overdraft presented by the bank.

But the court ruled in favor of the bank and declared Khachatryan bankrupt.

Other details weren’t immediately available.