Armenian entrepreneur and philanthropist Levon Hayrapetyan passed away on Wednesday, October 18 at the age of 67, his family confirmed.

Hayrapetyan was handed a four-year sentence after he was accused of embezzling $700,000 from the mother of former Bashkortostan senator Igor Izmestyev who had been convicted of terrorism and sentenced to life.

Given his poor health, parliamentary groups of the Armenian national Assembly had urged relevant Russian agencies to review detention conditions, substantially mitigate the penalty and release him as a humanitarian gesture.

Hayrapetyan was one of the largest investors in Nagorno Karabakh (Artsakh), having implemented a number of projects to foster the country's social and economic development.

Hayrapetyan held dual citizenship of Armenia and Russia.