ARMENTEL DIRECTOR FOR RECONSTRUCTION AWARDED PRIZE FOR RESEARCH INTO EUROPEAN SECURITIES MARKET

Arka News Agency, Armenia
June 20 2006

YEREVAN, June 19. /ARKA/. Director of reconstruction of the Armenian
ArmenTel Company Arman Khachatryan was awarded main annual prize
after Joseph de la Vega for outstanding research into the European
securities market of 2006.

The company’s press service reported that the prize was awarded
to Khachatryan for the work "One Action-One Vote Problem in the
European Union. The jury highly appreciated the importance of the
topic addressed, its urgency, methodological approaches and practical
application.

The prize was awarded by the Federation of European securities markets
and the Institute of the markets of European capital during the 10th
convention of European financial markets, held in Zurich on 8 June.

At the end of 1997, OTE Greek Telecommunication Company purchased
90% shares of ArmenTel Telecommunication Company based on the
international contest for $142.47mln. The rest 10% belongs to the
Armenian government.