ARDSHININVESTBANK CONSTANTLY SUPERVISING ITS INTERNAL ACTIVITY TO PREVENT LABOR OFFENCES

ARKA
May 19, 2009

YEREVAN, May 19. /ARKA/. Ardshininvestbank is constantly supervising
its internal activity to prevent labor offences.

The press office of the bank says that one of such overhauls
has revealed offences committed by Hovik Bakhshyan, governor of
Ardshininvestbank’s branch in Goris.

Gurgen Harutyunyan, acting chairman of Ardshininvestbank, said things
in the bank are under intense scrutiny.

He said the administration has even tightened supervision to enhance
labor discipline and maintain clients’ confidence in the bank.

The governor of Goris branch has been booked for illegal incomes and
gross embezzlement committed by using forged papers.

The overhauls ordered by the chairman of Ardshininvestbank have
revealed several shady deals clinched by Bakhshyan.

In particular, he has received AMD 310 million in cash and as
transferred credits over the period between 2006 and 2008 by using
forged papers.

He formalized these credits as if they were received by 95 people.

Ardshininvestbank has 49 branches in Armenia, six in Nagorno-Karabakh
Republic and one resident office in Paris.

In 2008, Moody’s rating agency gave Ba1 long-term rating to
Ardshininvestbank for deposits in national currency and long-term
Ba3 and Not Prime short-term rating for deposits in foreign currencies.

The bank won "D-" (D minus) – financial sustaina bility rating.

Ardshininvestbank also got ISO 9001:2000 international management
quality certificate in 2008.