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OFFSHORE LABYRINTH: ARMENIAN STYLE
16:20, June 27, 2013
Edik Baghdasaryan
Kristine Aghalaryan
Ararat Davtyan
According to instructions of the Dzoragyugh Production Cooperative,
owned by Ashot Sukiasyan, $9,370,450 of the loans issued by AmeriaBank
were transferred to the accounts of several offshore companies held
at the Hellenic Bank Publik Company of Cyprus. The loan monies were
transferred to:
1. A.B.S. GLOBAL LIMITED- $7,020,450 2. WLISPERA HOLDINGS LIMITED-
$350,000 3. STR EMERALD LIMITED- $2,000,000
So who are the shareholders of these companies? A.B.S. Global Limited,
the company to which the largest amount was wired, is owned by the four
following companies according to the Cyprus Department of Registrar
of Companies and Official Receiver website.
1. A.K. Holdings Limited - 1,000 shares 2. BCB Holdings Limited -
1,000 shares 3. STR Emerald Limited - 1,400 shares 4. Wlispera Holdings
Limited - 6,600 shares
What we see is that Wlispera Holdings Ltd. owns a 66% share of A.B.S.
Global Ltd. According to the Cyprus Registrar website, there are
three shareholders of Wlispera - Ashot Sukiasyan, Tigran Sargsyan
and Samvel Kjoyan
Shareholders of the companies who own A.B.S. Global Limited
RA Prime Minister has declared that he has no connection to the
Cyprus registered company and has petitioned the Prosecutor General's
Office to launch an investigation as to how his name appears on the
registration document; i.e., who used his name. Ararat Diocesan Primate
Navasard (Samvel) Kjoyan also declared that he has no connection to
the off-shore company. The Armenian Police has issued an all-points
bulletin as to the whereabouts of Ashot Sukiasyan.
Subsequently, Sukiasyan wrote to the Prosecutor General stating that
he had registered the company, using the names of Sargsyan and Kjoyan
without their prior knowledge. (He also sent a copy of that letter
to Hetq).
"I used their names in order for the business to avoid any outside
hassle or interference. It never dawned on me that it would lead to
such consequences," wrote Sukiasyan.
Ashot Sukiasyan is now entangled in a court case with GMC Global
(SL) Limited, a company registered in Sierra Leone. At Sukiasyan's
invitation, the owners of this company visited Armenian twice and met
with Prime Minister Tigran Sargsyan, among others. Company Director
Ruben Lazarian was present at one of those meetings.
Here's an excerpt of the conversation we had with Lazarian.
When did you visit Armenia and how did your meeting with Prime
Minister Tigran Sargsyan come about? Who else was at that meeting
and who arranged it?
I visited Armenia twice. I can't give a definite date. The first time,
I came with my business partners. I brought diamonds to Ashot the
second time. The first meeting was in mid-July, 2010. My impression was
that the meeting was arranged by Ashot Sukiasyan. The prime minister,
N. Kjoyan and Ashot Sukiasyan were present at the meeting, on the
one hand, and I and my partners, Sergey Tryukazyuk and Alexander
Kalchikovski, on the other. We talked about Sierra Leone and the
project, about general investments. Afterwards, in the evening, all
of us went to the Noyan Tapan restaurant. We understood that Ashot
had complete support and the finances. All of it inspired confidence
in us that the investments would actually take place. When I visited
the second time, Ashot and N. Kjoyan left for Cyprus. I saw them off
at the airport. Ashot has no company in Sierra Leone. He was supposed
to receive shares after making investments in the company.
But he never received any shares since he didn't even make half the
promised investment.
How did the story regarding the development of the diamond business
begin?
There is the following news item in the official RA
Government website dated November 7, 2008.
RA Prime Minister Tigran Sargsyan met with Shermon Cissy, director
of Sierra Leone-based Western Mines Company, a corporate entity
specialized in diamond processing and jewelry. The company intends
to develop cooperation with Armenian partners by making mutually
beneficial investments into Armenia's jewelry sector. Shermon Cissy
said to have met the President of his country before coming to Armenia
and stressed that the President had welcomed their initiative of
establishing business ties with Armenia by assuring of Sierra Leone
government's support. Mr. Shermon who owns several gold and diamond
ore deposits in Sierra Leone noted that Armenia's tax policy and
investment environment seem to be quite favorable for doing business
in our country. Tigran Sargsyan assured in turn that, appreciative of
any support available to the private sector and desirous of building
on the traditions existing in this area, his government will possibly
back the strengthening of business contacts which are supposed to
foster political interaction between the two countries.
[main20081108_16.jpg] PM Sargsyan shakes hands with Shermon Cissy.
Ashot Sukiasyan is one the right
The new item in the government's website has no photo accompanying
it, but here is the photo that appeared in the Hayastany
Hanrapetutyun newspaper on the matter. The photo clearly shows that
Ashot Sukiasyan was also present at the meeting with the Sierra
Leone delegation.
Shermon Cissy, seen here shaking hands with PM Sargsyan, was also
issued a power of attorney by Ashot Sukiasyan to serve as an authorized
representative of A.B.S. Global Limited. Hetq has in its possession
the notarized document to this effect.
In essence, a few months after Tigran Sargsyan became prime minister,
Ashot Sukiasyan has bringing delegations to Armenia and arranging
meetings with state officials. It was after this same meeting that
Minister of the Economy Nerses Yeritsyan decided to develop the
diamond business and turn Armenia into a regional center.
Similar words are included in the business plan drafted by AmeriaBank.
It remains incomprehensible how AmeriaBank agreed to loan $12 million
given such a business plan. AmeriaBank remains silent on the issue
and Executive Director Artak Hanesyan refuses to answer our written
inquiries. Neither does Ruben Vardanian, Chairman of the Board of
Directors at AmeriaBank.
Instead, the bank is quickly trying to sell off the assets that Paylak
Hayrapetyan put up as collateral. AmeriaBank seems to believe that
it can smash the lid closed on this loan story by doing so.
Also incomprehensible is why Paylak Hayrapetyan's lawyers haven't
yet taken the bank to court, given that there are falsifications in
the business plan it drew up. Someone apparently "put in a good word"
at the bank for the loan to go through.
The answers to these and numerous other questions can be supplied by
law enforcement.
Ashot Sukiasyan hasn't only taken a loan from AmeriaBank. He received
a $4.5 million loan from Prometey Bank.
And there are transfers from off-shore companies to Prometey Bank
as well.
(To be continued)
Photo (left to right) - Ashot Sukiasyan, RA Prime Minister Tigran
Sargsyan, Archbishop Navasard Kjoyan
http://hetq.am/eng/news/27709/offshore-labyrinth-armenian-style.html
16:20, June 27, 2013
Edik Baghdasaryan
Kristine Aghalaryan
Ararat Davtyan
According to instructions of the Dzoragyugh Production Cooperative,
owned by Ashot Sukiasyan, $9,370,450 of the loans issued by AmeriaBank
were transferred to the accounts of several offshore companies held
at the Hellenic Bank Publik Company of Cyprus. The loan monies were
transferred to:
1. A.B.S. GLOBAL LIMITED- $7,020,450 2. WLISPERA HOLDINGS LIMITED-
$350,000 3. STR EMERALD LIMITED- $2,000,000
So who are the shareholders of these companies? A.B.S. Global Limited,
the company to which the largest amount was wired, is owned by the four
following companies according to the Cyprus Department of Registrar
of Companies and Official Receiver website.
1. A.K. Holdings Limited - 1,000 shares 2. BCB Holdings Limited -
1,000 shares 3. STR Emerald Limited - 1,400 shares 4. Wlispera Holdings
Limited - 6,600 shares
What we see is that Wlispera Holdings Ltd. owns a 66% share of A.B.S.
Global Ltd. According to the Cyprus Registrar website, there are
three shareholders of Wlispera - Ashot Sukiasyan, Tigran Sargsyan
and Samvel Kjoyan
Shareholders of the companies who own A.B.S. Global Limited
RA Prime Minister has declared that he has no connection to the
Cyprus registered company and has petitioned the Prosecutor General's
Office to launch an investigation as to how his name appears on the
registration document; i.e., who used his name. Ararat Diocesan Primate
Navasard (Samvel) Kjoyan also declared that he has no connection to
the off-shore company. The Armenian Police has issued an all-points
bulletin as to the whereabouts of Ashot Sukiasyan.
Subsequently, Sukiasyan wrote to the Prosecutor General stating that
he had registered the company, using the names of Sargsyan and Kjoyan
without their prior knowledge. (He also sent a copy of that letter
to Hetq).
"I used their names in order for the business to avoid any outside
hassle or interference. It never dawned on me that it would lead to
such consequences," wrote Sukiasyan.
Ashot Sukiasyan is now entangled in a court case with GMC Global
(SL) Limited, a company registered in Sierra Leone. At Sukiasyan's
invitation, the owners of this company visited Armenian twice and met
with Prime Minister Tigran Sargsyan, among others. Company Director
Ruben Lazarian was present at one of those meetings.
Here's an excerpt of the conversation we had with Lazarian.
When did you visit Armenia and how did your meeting with Prime
Minister Tigran Sargsyan come about? Who else was at that meeting
and who arranged it?
I visited Armenia twice. I can't give a definite date. The first time,
I came with my business partners. I brought diamonds to Ashot the
second time. The first meeting was in mid-July, 2010. My impression was
that the meeting was arranged by Ashot Sukiasyan. The prime minister,
N. Kjoyan and Ashot Sukiasyan were present at the meeting, on the
one hand, and I and my partners, Sergey Tryukazyuk and Alexander
Kalchikovski, on the other. We talked about Sierra Leone and the
project, about general investments. Afterwards, in the evening, all
of us went to the Noyan Tapan restaurant. We understood that Ashot
had complete support and the finances. All of it inspired confidence
in us that the investments would actually take place. When I visited
the second time, Ashot and N. Kjoyan left for Cyprus. I saw them off
at the airport. Ashot has no company in Sierra Leone. He was supposed
to receive shares after making investments in the company.
But he never received any shares since he didn't even make half the
promised investment.
How did the story regarding the development of the diamond business
begin?
There is the following news item in the official RA
Government website dated November 7, 2008.
RA Prime Minister Tigran Sargsyan met with Shermon Cissy, director
of Sierra Leone-based Western Mines Company, a corporate entity
specialized in diamond processing and jewelry. The company intends
to develop cooperation with Armenian partners by making mutually
beneficial investments into Armenia's jewelry sector. Shermon Cissy
said to have met the President of his country before coming to Armenia
and stressed that the President had welcomed their initiative of
establishing business ties with Armenia by assuring of Sierra Leone
government's support. Mr. Shermon who owns several gold and diamond
ore deposits in Sierra Leone noted that Armenia's tax policy and
investment environment seem to be quite favorable for doing business
in our country. Tigran Sargsyan assured in turn that, appreciative of
any support available to the private sector and desirous of building
on the traditions existing in this area, his government will possibly
back the strengthening of business contacts which are supposed to
foster political interaction between the two countries.
[main20081108_16.jpg] PM Sargsyan shakes hands with Shermon Cissy.
Ashot Sukiasyan is one the right
The new item in the government's website has no photo accompanying
it, but here is the photo that appeared in the Hayastany
Hanrapetutyun newspaper on the matter. The photo clearly shows that
Ashot Sukiasyan was also present at the meeting with the Sierra
Leone delegation.
Shermon Cissy, seen here shaking hands with PM Sargsyan, was also
issued a power of attorney by Ashot Sukiasyan to serve as an authorized
representative of A.B.S. Global Limited. Hetq has in its possession
the notarized document to this effect.
In essence, a few months after Tigran Sargsyan became prime minister,
Ashot Sukiasyan has bringing delegations to Armenia and arranging
meetings with state officials. It was after this same meeting that
Minister of the Economy Nerses Yeritsyan decided to develop the
diamond business and turn Armenia into a regional center.
Similar words are included in the business plan drafted by AmeriaBank.
It remains incomprehensible how AmeriaBank agreed to loan $12 million
given such a business plan. AmeriaBank remains silent on the issue
and Executive Director Artak Hanesyan refuses to answer our written
inquiries. Neither does Ruben Vardanian, Chairman of the Board of
Directors at AmeriaBank.
Instead, the bank is quickly trying to sell off the assets that Paylak
Hayrapetyan put up as collateral. AmeriaBank seems to believe that
it can smash the lid closed on this loan story by doing so.
Also incomprehensible is why Paylak Hayrapetyan's lawyers haven't
yet taken the bank to court, given that there are falsifications in
the business plan it drew up. Someone apparently "put in a good word"
at the bank for the loan to go through.
The answers to these and numerous other questions can be supplied by
law enforcement.
Ashot Sukiasyan hasn't only taken a loan from AmeriaBank. He received
a $4.5 million loan from Prometey Bank.
And there are transfers from off-shore companies to Prometey Bank
as well.
(To be continued)
Photo (left to right) - Ashot Sukiasyan, RA Prime Minister Tigran
Sargsyan, Archbishop Navasard Kjoyan
http://hetq.am/eng/news/27709/offshore-labyrinth-armenian-style.html