Armenian Businessman Arrested in Moscow: Kommersant

Co-holder and Head of the Board of Directors of the Russian KIN Wine-Brandy Factory of Moscow OJSC Armen Eganyan was arrested last week.

According to Russian local daily Kommersant Eganyan was arrested last Wednesday on charges of alleged massive fraud and stayed at the police station till Friday. Later in the day he was released on a 15 million ruble bail upon a district court ruling of the Tver Province.

Eganyan's lawyers presume that the real cause of the arrest was the fact that the factory headed by Eganyan is trying to appeal the creation of Obedinionnaya Compania OJSC (Unified Company) at the court.

In 2008 some 43.07% of KIN Wine-Brandy Factory of Moscow OJSC's shares had by Moscow authorities been allocated to Obedinionnaya Compania OJSC, jointly founded with the Bank of Moscow.

Eganyan's lawyers demanded the judge to set him free on a 10 million ruble bail, but considering the scale and gravity of the crime, the judge had demanded 15 million ruble on bail and postponed the court hearings.