On May 11, 2023 the Administrative Court of the Republic of Armenia released its judgment on administrative case No. VD/0693/05/21 pertaining to the appeal brought forth by Ucom CJSC against the Competition Protection Commission of the Republic of Armenia. 

The Court ruled in favor of Ucom CJSC. Specifically, it imposed an obligation on the Competition Protection Commission of the Republic of Armenia to categorize the actions of Hayk Yesayan and Alexander Yesayan during the acquisition of VEON Armenia's shares by TEAM CJSC as anti-competitive. The Court found their actions, which involved the use of undisclosed information and breach of fiduciary duties, to be in violation of fair competition standards. Consequently, the Court invalidated Decision No. 393-A of the Competition Protection Commission dated December 23, 2020. 

Given the need to safeguard confidential commercial information, the case was deliberated in a closed session. As such, the capacity to provide additional commentary or clarifications is limited.