Volenberg, a company seeking to invest in Armenia, has submitted a request for a $1.2 million investment. The government’s Public Relations Department has discussed the investment proposal with the aim of attracting substantial investment to the country.

The legal office of “Concierge Dialogue” has announced that it received a letter from Volenberg Finance Limited, the parent company of Volenberg, regarding their investment plan.

On June 21, 2024, the International Centre for Settlement of Investment Disputes (ICSID), a branch of the World Bank, registered an arbitration claim filed by Volenberg Finance Limited against the Republic of Armenia. The claim, submitted on June 3, 2024, was addressed to the Cabinet of Ministers, the Office of the Head of Government, the Ministry of Finance, and the Ministry of Foreign Affairs on behalf of the representative of the Republic of Armenia.

Volenberg’s investment claim in Armenia is associated with the regulation of investment securities issued by the International Bank in the Republic of Armenia. The company aims to protect its substantial investments, and the amount of investment may further increase based on expert evaluation results.

While Volenberg has expressed its willingness to cooperate with the Armenian government to resolve these issues, the government has not permitted the company to exercise its legal rights in the ICSID. This non-compliance has led to a violation of obligations under the bilateral agreement between the Republic of Armenia and Cyprus.

Volenberg’s management, along with legal representatives and partners, are actively working to address these concerns. The company is keen on protecting its rights and preserving its values. Volenberg has decided to pursue international legal proceedings and is fully prepared to pursue its demands through the ICSID and beyond, as stated in their response.