Epress.am News from Armenia
In Armenia, the relationship between the bank and the citizen is voluntary in nature and implemented on a level of equal rights: an individual does not give the bank administrative powers, said attorney Harutyun Baghdasaryan on Saturday, in an episode of Epress.am's Week in Review [in Armenian only], commenting on VTB Bank–Armenia transferring funds out of civil society activist Vardges Gaspari's account without informing him.
"I don't know what functions the bank performed in this [Gaspari’s] case, but I understand that even if there was a ban on the account, the bank is obliged to inform the customer about its actions. Why? Because it is stipulated in a contract and the law," he said.
The attorney cited a passage from the law that states the bank is obliged to observe such rules that exclude conflicts of interest.
Speaking specifically about VTB Bank–Armenia's activities, Baghdasaryan recalled that through VTB Bank (formerly, Vneshtorgbank), the USSR carried out financial functions in different countries (such as Angola and Laos) and did so with the knowledge of the KGB.
"VTB acquired Armsberbank in Armenia. It can be assumed that the same techniques are carried out with the same structure and implemented with the Russian version. Vneshtorgbank's functions in Russia are the following: it receives an order from the state to finance or not finance any structure [operating abroad]. It can transfer $34 billion to a company that has only 10,000 roubles [about $290]. This structure performs the functions of the state. Let me not say that Vneshtorgbank in Armenia today implements Russian state policy but say that which I can understand: that is, a body through which it's possible to apply some functions of government toward citizens of Armenia. In fact, there are no government mechanisms to affect a commercial organization that is financed from abroad," said Baghdasaryan.
According to him, financial information about the source of funding are required of Armenian companies financed from abroad to fight against money laundering, but no one asks this of other (i.e. non-Armenian) commercial organizations.
"When you ask, but, brother, how do you work? They say, it's none of your business. 'None of your business' has become par for the course in Armenia. That is, we shouldn't know what is being done against us behind our backs," he said.
The banking oligarchy in Armenia, Baghdasaryan added, is a dangerous explosive under the state.