Ruling Republican Party MP Ashot Arsenyan, recently re-elected from Election District 39 in Vaots Dzor, is better known for his financial resources rather than his legislative prowess.

Why shouldn’t he be? Arsenyan founded the Jermuk Group conglomerate in Armenia.

Arsenyan, an MP since 2003, declared 822.7 million AMD in revenues last year, of which a whopping 722.4 million was in the form of loans. 97 million was from dividends and a mere 3.1 million from his salary as a legislator.

Arsenyan almost doubled his cash holdings from 150million AMD at the start of the year, winding up with 280 million by year’s end. His foreign currency holdings remained the same - $100,000 and 500,000 Euros.

Arsenyan’s wife Gayaneh Mkrtchyan is no financial slouch herself.

Last year she declared 65.9 million AMD worth of dividend revenues and has socked away 500 million AMD and $300,000 in the banks.