Who Is Liormand Holdings Limited?

Russia’s Inter-RAO is interested in selling its electricity assets in Armenia, according to media reports. This comes on the heels of protests this summer over rate hikes that were intended to cover losses that the company had incurred due to corruption and mismanagement. The protests started up again last weekend.

According to Radio Liberty’s Armenian service:

“Prime Minister Hovik Abrahamian announced the state-controlled Russian company’s intention to sell the ENA to the Cyprus-registered firm Liormand Holdings Limited at a weekly session of his cabinet.”

Liormand Holdings Limited” was registered on 30 November 2010.

Russian media reports that the farthest they’ve been able to track Liormand is to an “international asset management firm” also located in Cyprus at the same address, Marcuard Trust (Cyprus) Limited.

Marcuard has offices in several locations including Moscow.

According to public records, Marcuard’s directors in Cyprus are Alexis Xenophontos and Andreas Hadjimichael.

Hadjimichael appears to be a CPA located in Larnaca, Cyprus. According to the ICPAC (The Institute of Certified Public Accountants of Cyprus), his website can be found here. I’ve provided a screenshot of it below:

Hadjimichael's Website

Hadjimichael is or has been named on at least 121 corporations in Cyprus, including a holding called “Tashir International Holding Limited“.

Tashir’s Directors are named as Andreas Hadjimichael and Sinan Robert Bodmer.

Bodmer is a co-founder of Marcuard, and is also on the Board of Directors at Fora-Bank, which is beneficially owned by Samvel Karapetyan, “an Armenian-born Russian”.

There have been rumors that Samvel Karapetyan’s Tashir Group was the purchaser of the assets. From what I’ve been able to dig up, that looks to be the case. I will provide updates as more information appears.

One thought on “Who Is Liormand Holdings Limited?

  1. Pingback: Tashir Update | ninajobe

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s