YEREVAN, October 24. /ARKA/. Bank VTB (Armenia) filed an involuntary bankruptcy against an Armenian parliament member, the bank’s press service reported Wednesday.

In following the internal procedures of the Bank VTB (Armenia), since November 2010 negotiations have been held with a deputy of Armenian Parliament, a member of Human Rights Protection and Public Issues Commission from the “Prosperous Armenia” party, borrower Tigran Vachiki Stepanyan in connection with non-fulfillment of debt obligations to the bank, the press release says.

Since November 2011 Tigran Stepanyan has been repeatedly notified by the bank that trial proceedings may be initiated by the bank in case if he does not fulfil his debt obligations.

According to the report, Stepanyan deliberately avoided taking any steps to repay his debt, consequently, in April 2012, the bank sued him to recover the debts.

The court met the claim; the decision was published in August 2012 and came into force in September 2012.

After the judicial pleadings of September the 10th, 2012, Bank VTB (Armenia) made a petition to recognize involuntary bankruptcy of parliament member Tirgan Stepanyan.

Bank VTB (Armenia) closed joint stock company became a member of VTB financial group in April 2004. The second biggest Russian bank, Bank VTB open joint-stock company, is now the full owner of Bank VTB (Armenia). The bank used to be among leaders of Armenian banking system on a number of basic indicators. Currently the bank has the biggest network in Armenia – it has 69 branch offices throughout the country.  –0--