Gurgen Khachatryan (son of former Finance Minister Gagik Khachatryan), the co-founder of the Galaxy Group of Companies and chairman of the board of directors of Ucom (a leading telecommunication company), is accused of embezzlement and colluding in a corruption scheme. There is a court order to arrest Khachatryan, but he has not yet been arrested; his whereabouts remain unknown. Before the court made a decision, Khachatryan issued a statement claiming that the charges levelled against him are “an interference by the state in free economic activity and a person’s personal life.” He went on to say that the actions of the investigative body and courts are illegal and that he does not want to contribute to the further advancement of those illegalities.
Earlier, Khachatryan accused Armenia’s authorities of illegally trying to force them to sell their shares in Ucom and IUnetworks. Khachatryan said that high-ranking officials have threatened to arrest him if he and his brother refuse to cede control of Ucom and IUnetworks (Gagik Khachatryan’s two sons and a nephew own a combined 77% of Ucom stock). He went on to say that threats reached the point that the authorities promised to create an uncontrollable situation, to make the Khachatryans sell their shares at the lowest possible price.