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Armenian Authorities Arrest Former President, His Son in Corruption Case
(MENAFN) Former Armenian President Robert Kocharyan and his son are detained Tuesday as part of a corruption investigation, according to Armenian authorities.
The Anti-Corruption Committee alleges that Kocharyan, working with associates, abuses his presidential position to obtain valuable state-owned properties through arrangements designed to make the transactions appear legitimate. Investigators say the assets are acquired at prices far below their actual market value.
Authorities further allege that the properties are placed under the names of companies connected to Kocharyan and his associates in an effort to hide their ownership and origins. The assets are then reportedly developed, sold or transferred to other parties.
Investigators claim that 56 properties, with a combined estimated value of 2.634 billion Armenian drams ($7.2 million), are transferred to Kocharyan as alleged bribes.
“To conceal their true ownership and origin, the objects were registered under official sales contracts in the names of members of the former president's family and associated organizations,” the statement said.
The investigation also focuses on land belonging to Armenia’s Defense Ministry, which authorities allege was sold to a company associated with someone close to Kocharyan for approximately one-quarter of its market value.
Investigators additionally allege that a 30% share in Toyota Yerevan is transferred to Kocharyan while he is president as part of a bribery arrangement. The stake is later registered in his son’s name through allegedly fictitious sales contracts intended to disguise where the asset came from.
Six individuals have been detained as authorities continue examining the alleged corruption network and the transactions involving state property.
The Anti-Corruption Committee alleges that Kocharyan, working with associates, abuses his presidential position to obtain valuable state-owned properties through arrangements designed to make the transactions appear legitimate. Investigators say the assets are acquired at prices far below their actual market value.
Authorities further allege that the properties are placed under the names of companies connected to Kocharyan and his associates in an effort to hide their ownership and origins. The assets are then reportedly developed, sold or transferred to other parties.
Investigators claim that 56 properties, with a combined estimated value of 2.634 billion Armenian drams ($7.2 million), are transferred to Kocharyan as alleged bribes.
“To conceal their true ownership and origin, the objects were registered under official sales contracts in the names of members of the former president's family and associated organizations,” the statement said.
The investigation also focuses on land belonging to Armenia’s Defense Ministry, which authorities allege was sold to a company associated with someone close to Kocharyan for approximately one-quarter of its market value.
Investigators additionally allege that a 30% share in Toyota Yerevan is transferred to Kocharyan while he is president as part of a bribery arrangement. The stake is later registered in his son’s name through allegedly fictitious sales contracts intended to disguise where the asset came from.
Six individuals have been detained as authorities continue examining the alleged corruption network and the transactions involving state property.
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