US Armenian businessman Edmond Khudyan founded Arin Capital & Investment LLC in 2005 and developed 9,200 sq. m. 10.5 story building in on 2,000 sq. m. land in center of Yerevan. His partner and contractor was Vladislav Mangasryan, unofficial owner of VERM, VMG, KAMAR companies. In 2007, Edmond Khudyan had appointed Eduard Yesayan, as director of the company, Eduard was his long time friend. 

In 2010, Vladislav Mangasryan, Gevond Galumyan and Eduard Yesayan mutually decide to sale properties without E. Khudyans knowledge and pocketed millions of dollars. They even sold Khudyans future Yerevan home on 10^th floor. When E. Khudyan confronted them, they simply claimed that it was done to save the company from bankruptcy, for everybody’s benefit. V. Mangasryan was the initiator and Galumyan and Yesyan were “following” his orders. E. Khudyan had made several requests to stop the sales, asked for emergency company meetings but parties were continuing their illegal operations. E. Yesayan betrayed his childhood friend and sold his soul for money.

Since then E. Khudyan placed several lawsuits against the parties to return stolen properties and to bring them to justice but those efforts have been unsuccessful as V. Magasaryan and G. Galumyan are very well connected and the judges work in their favor. Judges are being influenced!

Parties have forced the company into bankruptcy to avoid lawsuits against them personally and they have been able to defend themselves thanks to Hrant Gharibyan, the bankruptcy trustee of Arin Capital & Investment LLC. He was appointed by the court to protect company’s assets but instead he has been assisting parties every step of the way.

Hrant Gharibyan refuses to investigate several strange and unclear transactions because most of these transactions/properties are “owned” by some high rank officials. Gharibyan’s actions only hide those transactions where parties have sold 1,000’s of square meters of properties without showing any money. Instead, he files lawsuits against Edmond Khudyan’s buyers where funds have been wired into company’s bank account and party’s controlled the money. Prior to company going bankrupt, V. Mangasaryan has staged lawsuits by his son in law, Haykaz Sargsyan and his friend Miqael Kemechechyan against Edmond Khudyan. Later, Hrant Ghambaryan filed the same lawsuits, copied from V. Mangasaryan’s lawsuit.  

In Kentron and Norq Marash court, the outcome of our lawsuits are being decided before the trial, although those lawsuits were assigned to different judges, but one judge (R. Vardazaryan) decides the outcome, and they have always been in favor of V. Mangasaryan and his gang. Edmond Khudyan claims that in his court rulings, judges have being “influenced” and presence of corruption and favoritism is extremely noticeable. The bankruptcy trustee Hrant Ghambaryan literally copies the same case and files it with 2 different judges  (ԵԿԴ 2777/02/10 and ԵԿԴ 0476/02/11), his attoney, Lernik Hovhannisyan claims 4 others but similar issues  where judge’s decisions were shocking. They are the following:

1 While waiting for a trial, judge does not notify E. Khudyan’s attorney Lernik Hovhannisyan about the upcoming trial date/time and judge removes a lien (argelanq) from a property in conflict (ԵԿԴ-1345/02/10), yes without attorney being notified and present. In a result, V. Mangasaryan and E. Yesayan sold 1,708 s.m. 5 story building right away in half the price and the company has not seen any of the money. That’s not all, court illegally places lien (argelanq) on someone else property and that property happens to a buyer from USA. Khudyan’s attorney appeals the court, but amazingly this decision is not subject to court appeal.  

2 In October of 2010 the company was forced into bankruptcy (orchestrated). All related suits were dismissed because of bankruptcy laws of Armenia, article 39. section 2.g. But because this lawsuit was against Edmond Khudyan (ԵԿԴ-1345/02/10) it continued. Nor the bankruptcy trustee, nor the judge wanted to dismiss this. It continued for months per V. Mangasaryans request (of course an unofficial request) until the other party was penalized. All Edmond Khudyan lawsuits against V. Mangasaryan, G. Galumyan and E. Yesayan were immediately dismissed because of the same  bankruptcy law.

 3  (ԵԿԴ-2106/02/10) A buyer sues the company to claim his property for which he fully paid for, but the judge dismisses company’s part of the lawsuit, but law suits against Edmond Khudyan continues until now. So, lawsuits are dismissed if it’s against other members or the company, and it continues if it’s against Edmond Khudyan.  See (ԵԿԴ-0080/02/11). Worst yet, the judge denies the appeal and it’s not subject to appeal again, case amazingly still continues.

4 In beginning of 2010, when company needed funds to avoid foreclosure, E. Khudyan brings more investors from US to invest/buy 3 properties. The funds for these properties come by wire straight to company’s account and parties manage those funds without consulting Khudyan. Those buyers get their certificates of ownership and in few months V. Mangasryan arranges a lawsuit and places liens (argelanq) on those properties. Because of the bankruptcy situation the lawsuit gets dismissed on Dec. 3, 2010 but his dear friend Hrant Ghambaryan continues the same lawsuit on Dec 29, 2010. (ԵԿԴ  2777/02/10).

As customary and permissible in courts in Armenia, homeowners asked the court for 2,950,000 dram ($8,000) from the plaintiff (Hrant Ghambayan) in case of any damages by the lawsuit/lien. The request was denied and no court date has been set until now. Surprisingly, on March 16, 2011, the bankruptcy trustee Hrant Ghambayan files the same lawsuit within the same court. Court president assigns this to another judge (ԵԿԴ 0476/02/11), perhaps to drag this for another few months. Edmond Khudyan has filed a lawsuit in November of 2010 against Eduard Yesayan and VMG Group and trial is expected soon.

The entire Kentron and Norq-Marash court system is working against Edmond Khudyan, proving how corrupt the court system is, how unable the government is, how weak foreign investors can be in a country like this. However, he will not spare any effort, any time and money to bring criminals to justice and will continue until justice is served.