Executive Director of Armenia's Youth Foundation to be Arrested

The newspaper "Haykakan Jamanak" reports: The criminal case against Alexander Ter-Hovakimyan, the executive director of Armenia's Youth Foundation, which was initiated after the Velvet Revolution, has taken a new turn.

According to information from the newspaper, the investigative body has decided to arrest Alexander Ter-Hovakimyan and has submitted the corresponding motion to the supervising prosecutor to seek approval before applying to the court.

We have received information that the investigative body has been waiting for a response from the prosecutor's office for three days; however, unusually, the prosecutor's office remains silent.

It is noteworthy that on June 1, 2018, the Investigative Committee of Armenia announced that on May 25, Karen Avagyan, a member of the Board of Trustees of the Youth Foundation and an MP, submitted a request stating that on April 6, Alexander Ter-Hovakimyan, in his capacity as the executive director of the Youth Foundation, signed a loan agreement worth 326 million AMD with himself.

A criminal case was launched regarding the embezzlement of especially large amounts, based on the first part of the third paragraph of Article 179 of the Criminal Code of the Republic of Armenia.

For more details, see today's issue of the newspaper.