Armenian Youth Foundation’s CEO charged over money laundering
The Armenian Youth Foundation's chief executive officer (CEO) has been charged with money laundering and large-scale embezzlement as part of a criminal probe into recently reported abuses, according to the Investigative Committee.
The agency has completed the inquest into the details of an AMD 326,000,000 worth agreement (AMD 481.26 =USD 1) which Karen Avagyan, a member of the Foundation's Board of Trustees and a former parliamentarian, claimed was signed with him without his knowledge on April 6, 2018.
He filed his report with the Commitee on May 25.
The subsequent criminal case, launched in connection with the complaint (alleging embezzlement and squandering as prescribed by Section 3(1), Article 179 of the Criminal Code), revealed the mechanism of embezzlements and money laundering.
Based on available evidence, acquired as part of the pre-trial investigation, it was found that Alexander Ter-Hovakimyan (in office since 2010) misappropriated AMD 325.600.000 in the period between April 29, 2019 and May 22, 2018 through abuse of authority (possession of property under the foundation's Charter and the power to control its financial assets). To cover up the illicit scheme, he legalized an estimated AMD 226,464,209 by transferring the money to the bank account of a limited liability company registered as his mother's property (in 251 transactions). Later, from May 15, 2014 until November 29, 2016, he transferred USD 539,332 to a company registered in the UK (in 116 transactions). Part of that amount – USD 490,583 - was later gradually transferred to the chief executive's wife in 108 separate transactions (May 14, 2013-Dec 30, 2016). From May 14, 2013 until December 30, 2016, as much as USD 477,485 of the said sum was transferred back to him.
The law enforcement authorities have selected arrest as a measure of restraint against Ter-Hovakimyan. A decision was made to impose a lien on his personal property.
The criminal case has been submitted to court.
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