Unprecedented Misappropriations in the Armenia Pan-Armenian Fund

The newspaper "Haykakan Zhamanak" reports that the Republic of Armenia’s Audit Chamber has published the results of audits conducted in the "Armenia" Pan-Armenian Fund from August 29, 2018, to September 30, 2019. "Haykakan Zhamanak" learned that the scale and types of the misappropriations uncovered during the audits are unprecedented.

Among the examples is the claimed expense for fuel for the generator during a concert by the band System of a Down. For a 2.5-hour concert held on April 23, 2015, the amount reported for fuel expenses was equivalent to what it would cost if the same rock band performed for nearly 89 hours.

Additionally, household appliances for housing of low-income families and furniture for renovated kindergartens and schools were acquired through contracts worth 23,609,100 AMD but sold to the fund for around 40 million AMD.

This list of "originalities" is endless. The Audit Chamber has informed the newspaper that during the inspection, suspicions arose that these transactions may contain characteristics of criminal conduct.

For more details, see today’s issue of the paper.