Hovhannisyan v. Armenia At the material time the applicant was a shareholder of Ameriabank (“the bank”), a joint-stock company incorporated under Armenian law which has its registered office in Yerevan. The applicant held five shares with a nominal value of 200,000 Armenian drams in total (approximately 400euros at the relevant time). The remaining shares were owned by other individuals.The applicant, our client, compaints that as a result of the merger, without approval of the CBA, his he was deprived of his property, bank shares whereas he was deprived of the opportunity to challenge the merger in the national court.