“Hrant Vardanyan is a patriot. He works well, and we have good relations,” Armenian Minister of Economy Tigran Davtyan told journalists Feb. 12, as he commented rumors about the possibility of Vardanyan’s moving to Georgia.

Armenian press reported that the owner of Grand Holding intends to transfer part of his business to Georgia. The oligarch himself has not refuted the rumors.

The minister said that the rumors about capital flight from Armenia are exaggerated. “I do not rule out that some companies invest in other countries, Iran or Georgia, for example. As capital increases, new markets are looked for,” he said. Davtyan cited the examples of Holland and Belgium, where capital flight is taking place.