News - Former Armenian Official Accused of Corruption and Fraud

In a significant legal development, former head of Armenia's State Revenue Committee and ex-Minister of Finance, Gagik Khachatryan, faces fresh accusations of corruption and financial misconduct. Armenia's General Prosecutor's Office has revealed that Khachatryan is being charged with receiving substantial bribes between 2008-2010 from directors of companies such as 'Progress Armenia' and 'Local Developers'. Allegedly, in exchange for safeguarding business interests and offering favorable administrative decisions, Khachatryan received real estate registered under his sons' names, disproportionate to its actual market value. The investigation also uncovers potential embezzlement of public funds allocated for the reconstruction of the 'Dilijan' educational center, amounting to 174.6 million drams. Furthermore, Khachatryan is implicated in an illegal real estate transaction involving Bryusov University property, estimated at 208.9 million drams. Allegations also surface about laundering approximately 151.1 million drams through asset manipulations in Gyumri, involving guarantees for third-party obligations, including significant sums in dollars and dram. Apart from the criminal proceedings, Armenia's Anti-Corruption Court is processing asset forfeiture cases against Khachatryan, including properties, shares, and financial deposits, claimed to have been acquired illegally. With calls for the confiscation of non-legitimate properties and financial instruments, the former official is confronted with vast legal challenges. Notably serving as the head of Armenia's State Revenue Committee from 2008 to 2014, and as Finance Minister from 2014 to 2016, Gagik Khachatryan asserts his innocence under judicial review.