On January 29 of this year  Arman Babloyan resigned from his post as Armenia's deputy health minister and in less than a week was appointed executive director of the Arabkir Medical Complex-Child and Adolescent Health Institute Ltd.

Most of the shares of this compay belong to the Baloyan family and it isn't their only business interest. 

Arman Babloyan is the son of MP Ara Baloyan who is president of the parliament's standing committee on heath and maternity affairs.

31% of the shares, valued at 566.8 million AMD, of the company are owned by the MP's wife Manoushak Yeitsyan.

Another 11.3% is owned by the health ministry. No wonder then that Arman Babloyan got the job as deputy health minister, where he worked for about one year.

Before that he served as president of the boad of directors' at a medical insurance company called Garant Limens. The company, in which Yeritsyan owned a 25.29% interest, has since been disbanded. All the insurance portfolios have been transferred to Rosgosstrakh-Armenia.

Sergey Baloyan, Arman's brother, owns 75% in Garant Assistance, another insurance company.

On January 27, Armenia's parliament signeda 4.2 million AMD contract with Garant Assistance to insure its fleet of 95 vehicles.

Sergey Babloyan also owns shares in the advertising company New Bridge Ltd. and a 50% share in Held Media Ltd., which produces films and TV programs.

Sergey Babloyan

The Babloyans also own a drugstore ad the 80 year-old matriarch, Hripsimeh Grigoryan, has owned 100% of OrgService Ltd., which buys and sells medicine.

ManoushakYeritsyan als owns 34% in AmaranMed Ltd. and Arma Babloyan served as company director a the same time he was deputy health minister.