The Youth Foundation of Armenia is Being Liquidated

The newspaper "Hraparak" reports: "The Youth Foundation of Armenia is being liquidated. Employees of the regional branches of Karen Avagyan's foundation had been warned long ago, but they received the final 'notice' recently. The director of the foundation, Argam Arshakyan, did not wish to provide details yesterday on whether the YFA is being liquidated to become another entity or if it is being dissolved entirely. He only mentioned that the question is included in the agenda of today’s government meeting. Interestingly, the draft agenda was not yet included on the government's website as of yesterday.

The foundation has 40 employees, which means 40 people will join the ranks of the unemployed. It should be noted that the former director of the foundation, Alexander Ter-Hovakimyan, who operated under the patronage of the Republican Party (RPA), has been charged with large-scale money laundering and embezzlement after the revolution, and the case is already in court. Since May, the structure has been managed by Arshakyan, who was previously the coordinator of the foundation's regional centers.

Moreover, the foundation's new building on Teryan Street has been provided to the World Council of the Armenian All-Armenian Games under the leadership of Ishkhan Zakaryan. Arshakyan stated that this arrangement is temporary, having been rented until September 1. However, it cannot be ruled out that the frequency of the games will increase, transitioning from once every four years to once every two years, which may necessitate the need for a permanent building for the organizing committee."