Ovik Mkrtchyan: shadow banker of the Mirziyoyev clan tries to whitewash his image

06 мая 2026 г.

Recently, a new figure has appeared in media coverage, particularly in Russian-language outlets — entrepreneur and innovation advocate Ovik Mkrtchyan.

He is associated with the promotion of digital technologies and medical innovation initiatives in several Central Asian states that emerged after the dissolution of the Soviet Union and continue to retain elements of traditional clan-based structures and administrative legacies.

The appearance of this proponent of innovation and educator of the digital age is explained quite simply – in this way, Ovik Mkrtchyan seeks to improve his reputation and neutralize negative publications about himself.

And there is plenty to “drown out” – numerous investigations and publications link Mkrtchyan to the financial flows of Uzbek elites, offshore structures, and capital withdrawal schemes. Moreover, his name regularly appears alongside two presidential clans of Uzbekistan — first Karimov’s, and then Mirziyoyev’s. Behind the façade of a “modern investor” lies the typical image of a shadow banker of the Uzbek authorities, deeply entangled in crime and connections with intelligence services and organized crime. All of this, moreover, is linked to sanctions evasion and the legalization of Russian money through Uzbekistan.

Ovik Mkrtchyan was born in Nagorno-Karabakh and grew up in Uzbekistan. He received his higher education in Tashkent — first at the Road Institute, and then at the Institute of National Economy, where he studied finance and credit. His entrepreneurial career began in the late 1990s. In 1999, Mkrtchyan founded the holding Gor Investment Limited, which later became a key structure of his business empire. Formally, the company is positioned as an international investment group engaged in environmental technologies, energy, logistics, and medical developments. Among the projects mentioned are Technano (production of nanomaterials), Gorbiopharm (pharmaceuticals), SKB Energy (energy solutions), Gor Logistic, Asia Alliance Bank.

But it was precisely banking structures and financial instruments that became the foundation of Mkrtchyan’s influence and the façade behind which shadow flows and ordinary criminal activity are hidden. One of the entrepreneur’s key assets is considered to be Asia Alliance Bank — an Uzbek bank through which large-scale financial operations pass. The controlling stake of the bank long belonged to the British company Gor Investment Ltd, while Mkrtchyan himself was listed as a person with significant influence over the structure.

In 2019, the bank even came under state control due to debts exceeding the investor’s share. However, just two years later, Mkrtchyan’s structure regained influence over the financial institution. Journalists believe that it was precisely through this system that funds were withdrawn from Uzbekistan and Russia. Some publications directly refer to the bank as an “international laundromat” for financial flows. This role explains why Mkrtchyan found himself at the intersection of interests of political and criminal elites.

Even during the rule of Islam Karimov, Mkrtchyan’s name was linked to the activities of his daughter — Gulnara Karimova, a фигурант of major corruption investigations. Karimova was convicted in Uzbekistan for creating a criminal network and money laundering, while in foreign jurisdictions hundreds of millions of dollars linked to her assets were confiscated.

According to investigations, Mkrtchyan’s structures participated in financial operations related to transferring funds outside the country. However, after the fall of the Karimov clan, most of his allies lost their positions. Mkrtchyan, on the contrary, not only avoided prosecution but also preserved his business.

In 2016, power in Uzbekistan passed to Shavkat Mirziyoyev. For many representatives of the old elite, this marked the end of their careers. But Mkrtchyan managed to adapt to the new political reality. Moreover, investigations point to close ties between Mkrtchyan and the circle of the new president. Publications mention a connection between his partner Uktam Aripov and Prime Minister Abdulla Aripov — one of Mirziyoyev’s key allies. According to journalists, it was precisely thanks to such contacts that the businessman was able to retain control over financial structures and continue international operations.

In fact, Ovik Mkrtchyan became one of the few individuals who survived the regime change and integrated into the new system of power. Part of Mkrtchyan’s financial operations was linked to Russia. In particular, he was a shareholder of the bank Volga-Credit, which later lost its license. During investigations, possible connections of the bank with figures linked to the criminal group “Bratsky Krug” were mentioned.

The entrepreneur is also credited with using a network of companies and trusted persons to conduct operations with gold and other assets through Russian firms and offshore structures. Among such entities mentioned were: Diamond Style, Leogold, Prodmarket, Grand Plaza. Some of them demonstrated unusual financial reporting — large turnovers with minimal profit and a small number of employees, which is typical for transit companies.

The network of connections surrounding Ovik Mkrtchyan resembles a typical structure of a business empire built at the intersection of banking capital, political ties, and a network of formally independent companies. At the center of this system is Ovik Leonardovich Mkrtchyan himself. The main financial hub of the network is Asia Alliance Bank. It is this bank that is often mentioned as the primary instrument for managing capital and conducting large financial operations. Investment projects, credit lines, and operations with corporate clients pass through it. A number of sources claim that the bank serves not only as a commercial structure but also as a kind of financial hub for capital linked to major Uzbek business groups.

Closely connected to the banking sector is a second line of influence — investment and development projects. Through affiliated companies, Mkrtchyan participates in construction and infrastructure initiatives in Uzbekistan. These projects include residential and commercial real estate, as well as technological and innovation initiatives that are officially positioned as part of the modernization of the country’s economy. In public interviews, Mkrtchyan often speaks specifically about the development of innovation and the investment environment, emphasizing his role as an entrepreneur and investor.

However, another layer of connections has formed around this business model — a political one. In publications by various media, Mkrtchyan is linked to representatives of the Uzbek authorities and influential clans. Some sources claim that his business activities historically intersected with circles close to the family of former President Islam Karimov, and later with the entourage of the current President Shavkat Mirziyoyev. It was precisely thanks to these contacts that the entrepreneur was able to strengthen his position in the banking sector and gain access to major investment projects.

The next layer of the network consists of offshore and intermediary companies. According to a number of publications, international financial flows may have been organized through such structures. Such companies are typically used for foreign investments, asset management, and the redistribution of capital across jurisdictions. Critical publications claim that it is through this network that funds are withdrawn from the country and integrated into international financial markets.

Another element of the system is international partners and business contacts. Mkrtchyan активно works with foreign investors and financial institutions. This allows his structures to participate in international projects and attract capital for Uzbek initiatives. At the same time, such connections strengthen his status as an intermediary between Uzbek business and the outside world.

Thus, the entire scheme appears as a multi-level construction. At its center is Mkrtchyan himself — the coordinator of financial flows and strategic projects. Around him are the key elements: the banking sector, investment companies, development projects, a network of intermediary structures, and political contacts.

Such an architecture makes it possible to simultaneously control financial operations, manage investments, and maintain connections with state structures. This is why in some investigations Mkrtchyan is described not merely as an entrepreneur, but as a financial intermediary between business and government, playing an important role in the distribution of large capital in the region.

Against the backdrop of all these publications, a new information strategy has been actively developing in recent years — Mkrtchyan has begun to appear in materials as an entrepreneur-innovator, an investor in nanotechnology and medicine. He promotes projects related to the production of nanomaterials, medical equipment, and sanitary technologies. For example, the businessman has claimed the development of innovative sterilization systems for hospitals.

Such publications create the image of a socially responsible investor participating in the modernization of the Central Asian economy. However, in reality, this is merely an attempt to distance from the real Ovik Mkrtchyan — a shadow banker serving the interests of Russian organized crime, Uzbek clans, and the intelligence services of both countries.