Diaspora Businessman Blames Fraud on President’s Brother

President's brother, Levon Sarkisian

YEREVAN (A1-plus)—Armenian businessman Edmond Khudyan demanded compensation of $7 million in court, as much as he invested in Armenia before his involuntary bankruptcy.

The businessman said 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 Sarkisian’s brother, Levon.

At the Criminal Court of Appeal Edmond Khudyan Wednesday 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


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.


Discussion Policy

Comments are welcomed and encouraged. Though you are fully responsible for the content you post, comments that include profanity, personal attacks or other inappropriate material will not be permitted. Asbarez reserves the right to block users who violate any of our posting standards and policies.


    • Suren said:

      We need to fight it or else your grand kids may not see an independent Armenia.

  1. Avetis said:

    I have to in all honesty say that these types of incidents are being politically exploited by Washington-based organizations and activists against Armenia. We all know that Armenia has sociopolitical problems, as do all nation’s on God’s earth. This stuff has gone way beyond merely fighting corruption. These types of stories are in fact being used as part of the active information war against Armenia. Shock and awe articles like this are meant to bring out the “Arman” in all Armenians. Imperial interests are using various subversive individuals and agencies to spread anger, hopelessness and despair throughout Armenian society. Naturally, their excuse is always to raise “awareness” or “fight corruption”. But the result is always the further alienation of an already alienated diaspora. Their intent is to break the Armenian spirit, after which they will break the Armenian nation. Armenia is going through natural growing pains. When addressing these matters Armenian activists need to keep the fight in Armenia, they need to keep the fight against individuals (not the government) and they need to keep the fight free of individuals and organizations connected to the political West. In other words, fight the thugs in Armenia without fighting for the thugs in Washington.