Diaspora businessman appears in court
Armenian businessman Edmond Khudyan demands a compensation of $7 million, as much as he invested in Armenia before his involuntary bankruptcy.
The businessman says he has been swindled and cheated out of millions of dollars while engaging in commercial enterprises in Armenia and blames the financial fraud on Serzh Sargsyan's brother Levon Sargsyan.
At the Criminal Court of Appeal Edmond Khudyan today demanded that those involved in the financial fraud be exposed and punished.
In 2005, the Diaspora businessmen founded Arin Capital & Investment LLC and developed a high-rise building at 33 Mashots. Before finishing the construction, some of the flats had been sold to 17 Diaspora Armenians.
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, and EdikYesayan mutually decided to sell the flats and pocket the money without Khudyan's knowledge. Later they claimed that it was done to save the company from bankruptcy, for everybody's benefit.
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.
