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Tigran Ter-Martirosyan



Tigran Ter-Martirosyan is a director at Accuracy. He has over 14 years of professional experience, focusing on the valuation of businesses, shares, and damages as well as on accounting issues in international arbitration and litigation.

Tigran has been appointed as an expert witness and adviser, including by arbitral tribunals, and has been involved in arbitration matters under SIAC, HKIAC, ICC, LCIA, SCC, SCAI and UNCITRAL rules, and in litigation matters in Singapore, Hong Kong, Australia, the UK and offshore jurisdictions. His experience also includes valuations for the purposes of mediation, expert determination, M&A, financial reporting, restructuring, fairness opinions, management incentive schemes and tax.

Tigran has been featured in Who’s Who Legal Commercial Litigation Expert Witnesses 2020-21, which describes him as “undoubtedly a value-add in high-stakes litigation”.

He has performed valuations and damages assessments in sectors including financial services, mining, telecoms, technology, manufacturing, consumer markets, healthcare, professional services, hospitality and others.
Tigran speaks Russian and English.


  • Fellow, Association of Chartered Certified Accountants (2015)
  • Specialist Diploma, Finance, Moscow Engineering Physics Institute (2010)
  • Specialist Diploma, Applied Mathematics and Informatics, Moscow Engineering Physics Institute (2009)

In-depth expertise

Arbitration and litigation

Tigran has been appointed as a valuation, damages and accounting expert in multiple arbitration and litigation forums, including being a tribunal-appointed expert in an LCIA arbitration. Tigran has valued assets in APAC, EMEA, Russia & CIS and the Americas. Tigran has also given oral evidence before the Supreme Court of Western Australia.

Non-contentious valuation

Tigran has performed various non-contentious valuation advisory engagements, including for the purposes of expert determination, restructuring and insolvency, transaction opinions and management equity schemes.

Due diligence and audit

In the beginning of his career, Tigran was involved in IFRS and Russian GAAP audits, and buy-side and sell-side financial due diligence projects in Russia, with a focus on the financial services sector.

Arbitration and litigation

  • Valuation and accounting expert in a litigation over a furniture manufacturing business.
  • Valuation and damages expert in an HKIAC arbitration, opining on the valuation of share warrants of a manufacturer and online retailer of apparel.
  • Forensic accounting expert in an Australian litigation over a mining asset.
  • Accounting expert in a shareholder dispute in the securities trading sector.
  • Accounting and valuation expert in a technology JV earn-out dispute.
  • Expert adviser in a Singapore seated ICC arbitration in relation to a loss of profit from a terminated manufacturing licence.
  • Tribunal-appointed quantum expert in an LCIA arbitration in relation to the termination of an aircraft lease.
  • Valuation expert in a shareholder dispute over a metal fabrication business.

Non-contentious valuation

  • Valuation of an incumbent telecom operator in Eastern Europe for restructuring purposes.
  • Valuation of European care home businesses for a fairness opinion on the sale of a private equity portfolio.
  • Valuation of European operations of an agriculture spare parts distributor for M&A purposes.
  • Valuation of management incentive equity schemes in footwear wholesale, HR solutions and professional services sectors.
  • Valuation of an Asian optical sensor manufacturer for financial reporting.
  • Purchase price allocations for multiple acquisitions in the semiconductor sector.

Due diligence and audit

  • Sell-side due diligence of the largest Russian insurance company.
  • Buy-side due diligence of a top-10 Russian bank.
  • IFRS and Russian GAAP audit of a Russian subsidiary of a global insurance firm.