Hetq.am was able to learn the activities of Zhe Zhang and Konstantin Sokolov, who claim to be the new owners of MTS Armenia, and also uncovered some details of their previous transactions, including the sale of Armbusinessbank.<\/strong><\/p>\n\n\n\n On January 24, MTS Armenia CJSC, represented in the telecommunications market by the Viva-MTS brand, announced a change in shareholder. This meant that MTS Armenia was no longer part of the Russian MTS Group. Its new shareholder was Fedilco Group Limited<\/a> , a Cyprus-registered company owned, according to the operator, by European and Asian investors.<\/p>\n\n\n\n MTS Armenia has named the ultimate beneficial owners of Fedilco Group Limited as Zhe Zhang<\/strong> and Konstantin Sokolov<\/strong>, “professional investors with extensive experience in telecommunications, finance, energy, and asset management.”<\/p>\n\n\n\n Who are these people, what do they do, and what is their connection to the sale of Armbusinessbank?<\/p>\n\n\n\n It’s worth remembering that until now, MTS Armenia CJSC (known as K-Telecom from 2004 to 2017) was owned by Russia’s MTS through a number of companies. A 100% shareholder of MTS Armenia CJSC was Aramayo Investments Limited<\/a> , a Cyprus-registered company , which in turn is wholly owned by Allegretto Holding Sarl,<\/a> a Luxembourg-based offshore company . Allegretto Holding Sarl is a subsidiary of the Russian public joint-stock company Mobile TeleSystems. 42.085% of MTS shares are owned by Joint-Stock Financial Corporation Sistema, whose largest shareholder (49.2%) is Russian businessman and billionaire Vladimir Yevtushenkov.<\/strong><\/p>\n\n\n\n This is the exact scheme presented by MTS Armenia in the declaration of real beneficiaries, approved on March 2, 2023, and posted in the state register of legal entities of the Republic of Armenia.<\/p>\n\n\n\n Why did the state reject the deal to transfer MTS Armenia in April 2023?<\/strong><\/p>\n\n\n\n In January 2023, MTS Armenia CJSC applied to the Public Services Regulatory Commission (PSRC) for approval to conclude a transaction to transfer control of the company. The agreement envisaged that Allegretto Holding Sarl, a Luxembourg-registered company owned by the Russian MTS, would divest 100% of its shares in Aramayo Investments Limited, a Cypriot company (the direct owner of MTS Armenia), to Fedilco Group Limited, a Cyprus-based company.<\/p>\n\n\n\n The PSRC appealed to the Ministry of High-Tech Industry, which reviewed the matter with the National Security Service and then filed objections to the transaction. On April 12, the PSRC, based on the Ministry of High-Tech Industry’s objection, decided not to approve the transaction. The refusal was justified as follows: “Approval of the transaction may be denied if the documents and\/or information submitted for approval do not comply with the requirements of the procedure established by the PSRC, as well as if, in the assessment of the competent authority (the Ministry of High-Tech Industry \u2013 Hetq.am), they cause or may cause harm to national security or state interests.” This explanation failed to explain how the transfer of Aramayo Investments Limited, the owner of MTS Armenia, to Fedilco Group Limited, could harm national security or state interests.<\/p>\n\n\n\n According to a Hetq.am source, the reason government agencies refused to approve the deal was that the real beneficiary of the transaction\u2014that is, the real owner of the Cypriot purchasing company\u2014was not identified, which was fraught with security risks.<\/p>\n\n\n\n Who was the official owner of Fedilco Group Limited if the RA government agencies saw risks and rejected the deal?<\/p>\n\n\n\n According to official Cypriot records, he was a citizen of that country, but not distinguished by his financial means.<\/p>\n\n\n\n Thus, “Fedilco Group Limited” was established in April 2022, nine months before the aforementioned application to the Public Regulatory Commission. The sole owner and director of the company was Manolis Tarchanidis. According to his Facebook page, this 50-year-old Cypriot citizen hails from the Russian city of Norilsk, and, as evidenced by the content of his social media pages (see here<\/a> and here<\/a> ), he takes a pro-Russian stance in the current geopolitical situation.<\/p>\n\n\n\n Tarhanidis, who sells cars through Facebook, likely couldn’t afford to acquire MTS Armenia CJSC, one of the country’s largest taxpayers. It’s worth noting that Tarhanidis has held and continues to hold director or secretary positions in other Cypriot companies<\/a> .<\/p>\n\n\n\n From its inception until early 2023, Fedilco Group Limited’s secretary was the Cypriot company GIF Capital Limited. According to its website<\/a> , the company’s staff consists of highly qualified concession managers, tax consultants, lawyers, and accountants with extensive knowledge in international tax planning, asset protection, and concession management. Since February 2023, GIF Management Limited, a subsidiary of GIF Capital Limited, has served as Fedilco Group Limited’s secretary. Logic suggests that Manolis Tarhanides was the fictitious owner of Fedilco Group Limited, and GIF Capital Limited likely performs the primary functions of this company.<\/p>\n\n\n\n After the Public Services Regulatory Commission rejected MTS Armenia\u2019s application in April 2023 and Fedilco Group Limited failed to become its indirect owner, changes took place in the Cypriot company.<\/p>\n\n\n\n Manolis Tarhanides, who was the fictitious owner of Fedilco Group Limited in October 2023, transferred his stake in this company to the Cypriot companies Nofal Holdings Limited<\/a> (75%) and Ortasano Investments Limited<\/a> (25%). These twin companies were founded in April 2022 on the same day, two days before the creation of Fedilco Group Limited. Perhaps unsurprisingly, the first owner and director of both companies was Tarhanides, and the secretary was GIF Capital Limited, which was later replaced by GIF Management Limited.<\/p>\n\n\n\n In July 2023, Manolis Tarhanides transferred his registered shares in Nofal and Ortasano to another Cypriot company, Wimthed Limited, which had been established the previous year. Wimthed also became the director of Nofal and Ortasano, replacing Tarhanides.<\/p>\n\n\n\n The owner of Wimthed Limited from its inception to this day is Cypriot citizen Andreas Ourris<\/a> , who also serves as director and secretary of the company. In these two capacities, Andreas Ourris is a participant in many Cypriot companies<\/a> affiliated with GIF Capital Limited. Furthermore, his wife, Marharyta Ourri<\/a> , is an employee of GIF Capital. Marharyta Ourri’s maiden name is Romanova, and she hails from the Ukrainian city of Kherson. Marharyta Ourri, like her husband, holds management positions in various Cypriot companies<\/a> . All of this suggests that Andreas Ourris, like Tarhanides, is playing a fictitious role.<\/p>\n\n\n\n Tarhanidis, who sells cars through Facebook, likely couldn’t afford to acquire MTS Armenia CJSC, one of the country’s largest taxpayers. It’s worth noting that Tarhanidis has held and continues to hold director or secretary positions in other Cypriot companies<\/a> .<\/p>\n\n\n\n From its inception until early 2023, Fedilco Group Limited’s secretary was the Cypriot company GIF Capital Limited. According to its website<\/a> , the company’s staff consists of highly qualified concession managers, tax consultants, lawyers, and accountants with extensive knowledge in international tax planning, asset protection, and concession management. Since February 2023, GIF Management Limited, a subsidiary of GIF Capital Limited, has served as Fedilco Group Limited’s secretary. Logic suggests that Manolis Tarhanides was the fictitious owner of Fedilco Group Limited, and GIF Capital Limited likely performs the primary functions of this company.<\/p>\n\n\n\n After the Public Services Regulatory Commission rejected MTS Armenia\u2019s application in April 2023 and Fedilco Group Limited failed to become its indirect owner, changes took place in the Cypriot company.<\/p>\n\n\n\n Manolis Tarhanides, who was the fictitious owner of Fedilco Group Limited in October 2023, transferred his stake in this company to the Cypriot companies Nofal Holdings Limited<\/a> (75%) and Ortasano Investments Limited<\/a> (25%). These twin companies were founded in April 2022 on the same day, two days before the creation of Fedilco Group Limited. Perhaps unsurprisingly, the first owner and director of both companies was Tarhanides, and the secretary was GIF Capital Limited, which was later replaced by GIF Management Limited.<\/p>\n\n\n\n In July 2023, Manolis Tarhanides transferred his registered shares in Nofal and Ortasano to another Cypriot company, Wimthed Limited, which had been established the previous year. Wimthed also became the director of Nofal and Ortasano, replacing Tarhanides.<\/p>\n\n\n\n The owner of Wimthed Limited from its inception to this day is Cypriot citizen Andreas Ourris<\/a> , who also serves as director and secretary of the company. In these two capacities, Andreas Ourris is a participant in many Cypriot companies<\/a> affiliated with GIF Capital Limited. Furthermore, his wife, Marharyta Ourri<\/a> , is an employee of GIF Capital. Marharyta Ourri’s maiden name is Romanova, and she hails from the Ukrainian city of Kherson. Marharyta Ourri, like her husband, holds management positions in various Cypriot companies<\/a> . All of this suggests that Andreas Ourris, like Tarhanides, is playing a fictitious role.<\/p>\n\n\n\n Thus, Fedilco Group Limited, its owner, Nofal Holdings Limited, Ortasano Investments Limited, and Wimthed Limited, a shareholder of these companies, were established between April and July 2022. The registered owners of these companies were individuals (M. Tarhanidis and A. Ourris) affiliated with GIF Capital Limited, a business services company. This means that these companies were used to conceal the real beneficial owners behind them.<\/p>\n\n\n\n The problem is that in November 2022, the European Court of Justice, the highest judicial body in the European Union, blocked access to data on ultimate beneficial owners (UBOs) registered in EU countries. In other words, official information on the beneficial owners of the aforementioned companies, incorporated in the EU member state of Cyprus, is confidential.<\/p>\n\n\n\n Thus, in October 2023, Manolis Tarhanidis transferred 75% of Fedilco Group Limited to Nofal Holdings Limited and 25% to Ortasano Investments Limited. The latter is officially owned by Wimthed Limited, which in turn is owned by Andreas Ourris.<\/p>\n\n\n\n A few days later, in early November, MTS Armenia CJSC again applied to the Public Services Regulatory Commission for approval for the acquisition of MTS Armenia CJSC \u2013 this time by Fedilco Group Limited. This meant that Fedilco was to become a direct shareholder of MTS Armenia, rather than the owner of the Armenian company, Aramayo Investments Limited. On November 15, just days after the application was submitted, the PSRC approved the deal. This time, the Ministry of High-Tech Industry raised no objections, also reporting no comments from the National Security Service. In other words, this time, the NSS saw no risks related to national security or state interests.<\/p>\n\n\n\n When asked what had changed since April, given that the National Security Council had no objections, Armen Hunanyan, a PSRC representative and rapporteur on the draft decision approving the deal, responded that although the buyer is still Fedilco, there is a difference from the previous application. Hunanyan apparently meant that the buyer immediately becomes a shareholder of MTS Armenia, which, however, does not clarify the situation. On the other hand, Hunanyan noted: “Regarding the National Security Council’s position, the Commission is not the authorized body, so we cannot explain, on behalf of the National Security Council, the criteria used to make this assessment.”<\/p>\n\n\n\n On November 15, the PSRC also decided that Fedilco and the Russian owner of MTS Armenia would sign an agreement within six months and submit it to the Commission. The agreement was signed, and, according to the RA state registry, on January 26 of this year, by decision of the extraordinary general meeting of MTS Armenia CJSC, an amendment was made to the charter, according to which all shares of the CJSC henceforth belong to Fedilco Group Limited. It is noteworthy that although the Armenian company is no longer a member of the Russian MTS Group, it still retains the name MTS Armenia.<\/p>\n\n\n\n In any case, what changed in November compared to April? Our source answered this question for Hetq.am.<\/p>\n\n\n\n Thus, it was only on January 24 of this year that the Armenian operator announced that the beneficial owners of Fedilco Group Limited were Zhe Zhang and Konstantin Sokolov.<\/strong> However, back in November of last year, a Hetq.am source reported that at the time of the transaction, the real owners were Dr. Zhe Zhang and Konstantin Sokolov<\/strong>: Zhang is the owner of Nofal Holdings Limited, which owns 75% of Fedilco, and Sokolov is the owner of Ortasano Investments Limited, which also owns 25% of Fedilco. In other words, while in the spring of 2023, the competent Armenian authorities were unaware of the real beneficiaries of the transaction (it was certainly not Manolis Tarhanidis), now two people have emerged.<\/p>\n\n\n\n However, according to our source, this is how the situation was presented to the Armenian authorities. Zhang and Sokolov<\/strong> cited their family trusts (assets transferred to concession management) as the source of the funds intended for the transaction. Their origins, the details of their activities, and the nature of these trusts, as well as other necessary information, were not disclosed.<\/p>\n\n\n\n When the Public Services Regulatory Commission (PSRC) rejected a change in the MTS Armenia shareholder chain in April 2023, the Armenian operator again contacted the PSRC on August 29, notifying it that the Russian MTS Group intended to acquire 100% of MTS Armenia’s shares from the Cypriot company Aramayo Investments Limited. This meant that the Russian parent company would become the owner of the Armenian CJSC directly, not through Aramayo and the Luxembourg-registered Allegretto.<\/p>\n\n\n\n It was in August that the PSRC approached the Ministry of High-Tech Industry, which, however, only responded in late October. Apparently, the reason was the situation in Artsakh that arose in September and October and the forced displacement of Artsakh Armenians. MTS Armenia was asked for additional clarification, which it provided in November, after MTS Armenia had already approached the PSRC again about concluding a deal with Fedilco. The Ministry of High-Tech Industry presented its position in December, after Fedilco had already been given the green light. Given this, the ministry opposed MTS becoming the direct owner of the Armenian subsidiary. On this basis, the PSRC rejected the application on January 17.<\/p>\n\n\n\n 50-year-old Chinese Zhe Zhang<\/a> , according to his LinkedIn page, is a lawyer by profession, having graduated from Peking and Oxford Universities, as well as the University of International Business and Economics in Beijing, receiving a doctorate in law.<\/p>\n\n\n\n Marketscreener.com associates Zhang’s name with educational and entrepreneurial organizations operating in various countries around the world\u2014China, including Hong Kong, the United States, Canada, and the United Kingdom. According to the same source, the Chinese entrepreneur currently holds various management positions<\/a> in American, British, and Hong Kong companies. He is, in particular, a director of seven British companies<\/a> , including KX Power Limited, which is engaged in asset management, development, and investment in renewable energy and power generation. Zhang is the CEO<\/a> of KXP. Moreover, in British companies, Zhang’s country of residence is listed as the United Kingdom. Of Zhang’s companies, SIFT Capital Partners Limited<\/a> , founded in Hong Kong, specializes in onshore and offshore asset management. Zhang is the founder and CEO of this company. SIFT Capital has branches in many countries, including Cyprus ( SIFT Capital Partners Cyprus Ltd<\/a> ). It probably won\u2019t seem strange that the director of this company is the above-mentioned Andreas Ourries, and the secretary is \u201cGIF Management Limited\u201d.<\/p>\n\n\n\n But what’s even more interesting is that SIFT Capital Partners was involved in the management of the new foreign owner of the former Armbusinessbank, which was renamed AMIO Bank. Furthermore, as a Hetq.am source notes, Zhe Zhang<\/strong> and his partner Konstantin Sokolov<\/strong> were involved in the purchase of Armbusinessbank.<\/p>\n\n\n\n Armbusinessbank CJSC, owned by businessman Vitaly Grigoryants, was sold to the Swiss company MFM Global Invest AG in December 2021. In January 2022, the refinancing credit organization Housing for Youth acquired a 25% stake in the bank. The Swiss company retained a 75% stake.<\/p>\n\n\n\n Some time after the deal was concluded, the chairman of the Armenian bank’s board, Swiss national Alfred Moechli, stated that the owner of MFM Global Invest was an investment fund operating in Liechtenstein. Although Moechli did not disclose the fund’s name, and the Swiss registry does not list its owners, a Hetq.am source reported that it was the Halcon Innovation Fund. This is one of five subfunds of the Liechtenstein-registered Halcon Investment SICAV<\/a> . The parent fund is currently managed by ONE Funds AG (Liechtenstein), but management of two of the five subfunds has been delegated to another company registered in Hong Kong.<\/p>\n\n\n\n And, as it turned out, the management of three sub-funds of \u201cHalcon Investment SICAV\u201d, including \u201cHalcon Innovation Fund\u201d, which is an indirect owner of 75% of \u201cArmbusinessbank\u201d, was delegated until March 2023 to Zhe Zhang\u2019s Hong Kong company \u201cSIFT Capital Partners Limited\u201d (see the document below from the report of \u201cHalcon Investment SICAV\u201d for 2022, when this parent fund was managed by the Liechtenstein-registered company \u201cBENDURA Funds AG\u201d).<\/p>\n\n\n\n This means that the company of a Chinese businessman specializing in asset management indirectly controlled 75% of the shares of Armbusinessbank.<\/p>\n\n\n\n As for Zhang’s partner, Konstantin Sokolov<\/strong>, according to our source, he acted as a representative and consultant for the foreign companies that own Armbusinessbank (see top photo). According to the source, Zhang<\/strong> and Sokolov<\/strong> specialize in company acquisitions, where they organize negotiations, coordinate transaction details, and, in this regard, represent the actual beneficiaries (i.e., they are not the beneficial owners themselves), conclude transactions, submit documents to the relevant government agencies, etc.<\/p>\n\n\n\n Our studies also allow us to conclude that Zhe Zhang<\/strong> and Konstantin Sokolov <\/strong>are merely managers, functionaries who work for the owners who remain in the shadows.<\/p>\n\n\n\n Hetq.am has uncovered a number of facts about Konstantin Sokolov<\/strong>, some of his affiliated companies, and his previous transactions, which include questionable incidents. We’ll cover that in our next article.<\/p>\n\n\n\n![\"\"](\"https:\/\/ksokolovarchive.cc\/wp-content\/uploads\/2026\/03\/image-16-1.png?w=828\")
<\/figure>\n\n\n\n![\"\"](\"https:\/\/ksokolovarchive.cc\/wp-content\/uploads\/2026\/03\/image-17-1.png?w=829\")
<\/figure>\n\n\n\nWho is the founder of \u201c Fedilco Group Limited \u201d \u201con paper\u201d?<\/strong><\/h2>\n\n\n\n
What changed in the fall of 2023? The National Security Service failed to identify any risks.<\/strong><\/h2>\n\n\n\n
![\"\"](\"https:\/\/ksokolovarchive.cc\/wp-content\/uploads\/2026\/03\/image-18-1.png?w=1024\")
<\/figure>\n\n\n\nAfter the first deal fell through, MTS wanted to become the direct owner of MTS Armenia<\/strong><\/h2>\n\n\n\n
Who is Dr. Zhe Zhang?<\/strong><\/h2>\n\n\n\n
![\"\"](\"https:\/\/ksokolovarchive.cc\/wp-content\/uploads\/2026\/03\/image-19-1.png?w=622\")
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<\/figure>\n\n\n\nWhat is the connection between Zhang and Sokolov and the sale and management of Armbusinessbank?<\/strong><\/h2>\n\n\n\n
![\"\"](\"https:\/\/ksokolovarchive.cc\/wp-content\/uploads\/2026\/03\/image-21-1.png?w=1024\")
<\/figure>\n\n\n\n![\"\"](\"https:\/\/ksokolovarchive.cc\/wp-content\/uploads\/2026\/03\/image-22.png?w=1024\")
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