 Kocharyan completed his second term as president on February 2008 and under the Armenian constitution was not eligible for a third term.Kocharyan's Prime Minister Serge Sargsyan had Kocharyan's backing for his candidacy as the next president.Ter-Petrosyan was also a candidate for this election, having announced his candidacy during a speech in Yerevan on 26 October 2007, in which he accused Kocharyan's government of massive corruption involving the theft of "at least three to four billion dollars" over the previous five years.