State Suffered 934 Million 90 Thousand Drams in Damages: Police Disclosure

The Anti-Corruption and Economic Crimes Directorate has uncovered factual evidence based on operational intelligence received regarding a scheme involving the head of the Government Property Management Department and other officials in 2010. Driven by personal interests, they tasked the "State Property Inventory and Valuation Agency," which operates under their supervision, to assess the movable and immovable assets of the company "Yerevan Loading-Unloading Guidance" LLC, which had been sold to another company.

Within this framework, the agency's officials, acting in pursuit of group interests, also abused their official powers, failing to visit the addresses of the movable and immovable properties occupied by "Yerevan Loading-Unloading Guidance" LLC in Yerevan, Gyumri, Artashat, Vanadzor, and Armavir. Instead, they provided false information about the depreciation and values of the assets under evaluation solely based on the initial data provided by the company, as instructed verbally by the agency’s deputy director. They subsequently validated fraudulent reports concerning the market values of the assets, which were crafted within just one day, with their signatures, as well as the concluding and other documents, which were confirmed in the place of the agency's director by the same deputy director on April 21, 2010.

As a result, the values of the movable and immovable properties belonging to "Yerevan Loading-Unloading Guidance" LLC, totalling 1 billion 895 million 960 thousand drams in reproduction costs, were artificially decreased by 934 million 90 thousand drams and estimated at only 961 million 870 thousand drams in market value. Then, in July 2010, based on a government decision, they were sold through direct sale at a 50% reduced price, approximately 480 million 935 thousand drams, causing major damage to the state, preliminarily estimated at about 934 million 90 thousand drams.

Simultaneously, during the preparatory phase of the materials, a deposit account was established by the company for damage reimbursement in the amount of 250 million drams. A criminal case has been initiated in the Anti-Corruption and Economic Crimes Directorate regarding this incident, which has been forwarded to the Investigative Committee.