YEREVAN, July 11./ARKA/. In compliance with the order by Armenia’s Court of Cassation from May 29, 2013, Tigran Stepanyan, the deputy of Armenian Parliament from Prosperous Armenia party, is declared bankrupt, VTB Bank (Armenia) reported Thursday.

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

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 fulfill his debt obligations.
On 10 September 2012, VTB Bank (Armenia) filed an involuntary bankruptcy against Stepanyan.
At the current stage, an inventory of property is being processed.

VTB Bank (Armenia) joined VTB Group in April 2004. VTB, the second largest bank of Russia, holds 100% of shares of Bank VTB (Armenia). Bank VTB (Armenia) has 67 branches all over Armenia’s territory. Bank VTB (Armenia) is traditionally reckoned among leaders for general indicators. -0-