Armenia’s insolvency court has declared former governor of Syunik Province Surik Khachatryan bankrupt and imposed an attachment on his assets by the right of ownership, reports the judicial information system.

On May 10, 2019, the insolvency court rendered a decision to uphold the application of ArmBusinessBank CJSC requesting the court to declare Surik Khachatryan bankrupt.

In 2017, ArmBusinessBank CJSC and Surik Khachatryan signed a credit contract and was granted a USD 1,000,000 credit line with an annual 10% interest rate. He had to repay the money by July 7, 2020.

In July 2018, Khachatryan was warned again and given a two-month period to fulfill obligations, but he failed to do so again and accumulated a debt of USD 1,012,260.36. The bank’s representative applied to court and asked to declare Surik Khachatryan bankrupt.

Khachatryan’s attorney Martin Zilfugharyan has objected the application, noting that he and his client haven’t received the court’s claim regarding fulfilment of obligations and haven’t received a notice about confiscation from the bank.

Nevertheless, the court has ruled to uphold the bank’s application and declare Khachatryan bankrupt.