Video: State Suffered Approximately 1 Billion 160 Million Drams in Damage, Police Report

The Investigative Department of the RA Police's Criminal Investigation Department has obtained factual data based on information received regarding the illegal activities of former high-ranking officials of the Republic of Armenia.

Specifically, in 2010, they organized the privatization of the closed joint-stock company 'Radio', which was transferred to the State Property Management Department of the Government of Armenia in the Gegharkunik province, misusing their official powers in the process. According to the currently available data from the investigation, the total value of the shares of the mentioned company was assessed at 1 billion 172 million 417 thousand drams in 2010. The officials, acting contrary to the interests of the service, composed false reports indicating that the company's assets had a wear-and-tear rate of 70% or more, valuing them at 411,832,400 drams.

However, the investigation has uncovered factual evidence that at that time, the actual assets of the company amounted to 783,789,000 drams, and that the wear-and-tear was not over 70%, but at most 30%. Thus, the assets should have been valued at approximately 995,000,000 drams. Subsequently, unsubstantiated data regarding the inefficiency of the 'Radio' CJSC was presented to the Government of Armenia, which led to the company's sale below the assessed value by 50% without competition, based on a decision made by the government in December 2010, to 'EuroPressGroup', a company registered in the British Virgin Islands.

As a result of these illegal activities, the state has incurred particularly large damages amounting to approximately 1 billion 160 million drams. It has also been revealed that the company was resold in 2013 for 250,000 USD to 'International Radio Network' CJSC, whose shareholders are from the close circle of former high-ranking officials in Armenia. A criminal case has been initiated in the Investigation Department of the Criminal Investigation Department, which has been forwarded to the Investigative Committee.