Kristine Aghalaryan

Appeal Court Hears Suit Filed by Ostinvestor

Today’s Court of Appeals session involving the suit filed by Ostinvestor against Gagik Tsarukyan’s Yerevan Ararat Brandy-Wine-Vodka Factory (YABWV) had to be rescheduled for July 12 due to a scheduling conflict.

The court managed to ask Ostinvestor attorney Davit Danielyan a few questions pertaining  to the case which dates back several years.

Ostinvestor argues that it was swindled out of its shares in YABWV through a 2008 stock consolidation.

The company had spent 184 euros per share and thus wound up paying 279,680 euros for its original 1,520 shares.

On March 27 of this year, a lower court in Yerevan ordered YABWV to pay Ostinvestor, 14.8 million AMD ($36,662) in compensation.

Following this decision, Ostinvestor CEO Stefan Laxhuber told Hetq, ““We are very disappointed and are currently discussing the verdict.”