Home Corruption Cases (2006 - 2014) The stolen 12 million USD was managed by RA high ranking officials
Corruption Cases (2006 - 2014)
2011 Nov

The stolen 12 million USD was managed by RA high ranking officials

Georgy Iosifyan, managing director at RENOVA SG of Russian Federation was cheated out of 12 million USD and the stolen money was managed by Armenias high ranking officials. G. Iosifyan addressed a letter on the mentioned case to RA president, RA prosecutor general, and the editorial of the newspaper. With G. Iosifyans participation Sar Capital company, with 16 million USD actives, was registered in Armenia in 2008. Half year later in May 2009 Armenian citizen Mher Avetisyan (the owner of Josse restaurant complex, godson of Archbishop Navasard Ktchoyan, vicar of Araratian Patriarchal Diocese) in collusion with Kazakhstan citizen Marat Yeltayev and president Nur Bagbergenov of BTA Bank Yerevan illegally recorded a certain Levon Khachatryan in state register as new managing director of the company. Only within 2 months the above mentioned people through various fraud schemes took out all the actives of the company for 29 billion USD value. Based on G. Iosifyans complaint (regarding 12 million USD theft) a criminal case was opened in July 2009, investigated by NSS of Armenia. In August 2010 L. Khachatryan was sentenced to 6 years in prison for abuse of his official power and tax evasion. However during a private conversation with G. Iosifyans representative M. Marukyan, head of investigation department of RA NSS introduced him who the real organizers were and also mentioned the amount of money in exchange for L. Khachatryans silence and assured that the case was not closed yet. Nevertheless, a year after L. Khachatryans sentence there is no progress, as a result the issue of 12 million USD that G. Iosifyan lost is still unsettled.

Author: Gohar Veziryan