US Armenian businessman Edmond Khudoian can apply for the International Arbitrage of the United States since the business plans dealing with construction activities in Yerevan have been misapplied by his colleagues in Armenia. As a consequence, about 8.5 billion dollars was misappropriated. Khudoian has been trying to restore his interests in the law enforcement authorities in Armenia, but no initiatives have been undertaken to give the issue a process.
The reason for this is the high officials of Armenia, including Serzh Sargsyan’s brother Levon Sargsyan, have purchased apartments in the newly constructed buildings to start the case. Khudoian sees no way out but to apply for the international arbitrage in New York. Khudoian wants to use his right to sue the Republic of Armenia in case his investment rights were violated in Armenia. The bilateral decree making this suing process legal was signed in 1992 which was aimed at the preservation of the economic and business rights and interests of the American citizens. In case Khudoian wins the case, the Republic of Armenia will have to carry out the verdict of the international arbitrage and pay back the amount Khudoian has suffered.
