Vladimir Yevtushenkov, the main shareholder and owner of Sistema JSFC, said Armenia’s former President Robert Kocharyan, who is under arrest, remained on the Board of Directors of Sistema, RIA Novosti reported.

According to Yevtushenkov, the company believes the trial over Kocharyan is political.

Shareholders of Sistema at the annual meeting on Saturday re-elected the board of directors in the same composition.

As reported earlier, an Armenian court ordered the arrest of former president Robert Kocharyan, who was freed on bail from pre-trial detention last month. Kocharyan's lawyer said that the defence would appeal the decision to have the 64-year-old returned to jail.