YEREVAN. – The annual meeting of Armenia’s ARMECONOMBANK decided not to sell dividends as a result of the bank’s activities in 2012, 168 Zham daily reports.    

“The profit of approximately $850,000, which was formed during the past year, will be spent on the development of the bank, [and] as retained earnings.  

It turns out that the Sukiasyan brothers—Saribek, Khachatur, and Robert—, who together own 52.4 percent of the bank’s shares, have deprived selves of a dividend of close to $445,000.

The European Bank for Reconstruction and Development, which owns 25 percent of the shares of the bank, likewise was deprived of the 25 percent of the total dividend.

At the same time, however, the bank’s other shareholders—1,150 individuals and 268 state-run and non-state enterprises—, which all together would have received a dividend of about $192,000, also did not receive a dividend,” 168 Zham daily writes.