New Charges Filed Against Mikael Minasian, Son-in-Law of Former President Serzh Sargsyan

The former Extraordinary and Plenipotentiary Ambassador of Armenia to the Holy See and son-in-law of the third President of Armenia, Serzh Sargsyan, Mikael Minasian has been charged anew in connection with the criminal case of the 'Dzora HPP'. The information has been confirmed by the Prosecutor General's Office of Armenia.

Mikael Minasian served as the First Deputy Chief of Staff of the President of Armenia from 2008 to 2012 and was the Extraordinary and Plenipotentiary Ambassador to the Holy See from 2013 to 2018. During these years, he was not authorized to engage in entrepreneurial activities, but until 2016, he personally and through his associates A.P. and L.A. conducted business operations, resulting in significant profits.

On August 24, the supervising prosecutor decided to initiate public criminal prosecution against Minasian for money laundering. The investigation revealed that on December 20, 2010, a property sale agreement was signed, where property valued at 4 billion 646 million 400 thousand drams belonging to 'Dzora HPP' LLC was sold for 3 billion 600 million drams to the company 'Dzoraget Hydro' LLC, which Minasian managed.

Subsequently, the government enacted a decision in 2011 to set the maximum capacity for small hydropower plants at 30 MW instead of the previously established 10 MW, aiming to grant benefits to 'Dzoraget Hydro' LLC. As a result, during 2012-2016, tariffs exceeding twice the market rate were established for the electricity produced and supplied by the 'Dzoraget Hydro' LLC's hydropower plant. 'Dzoraget Hydro' LLC received an additional 3 billion 750 million 837 thousand 591 drams from physical and legal persons consuming electricity in Armenia.

Minasian concealed the fact that he was the real beneficiary of 30 percent of the company's shares, which resulted in him receiving 1 billion 113 million 698 thousand 628 drams in dividends from 2011-2016.

It should be noted that Mikael Minasian has been wanted since March 23, 2020. He has been implicated as a defendant in the criminal case being investigated by the Investigative Department of the State Revenue Committee under three articles of the criminal code. Earlier, the State Revenue Committee announced that Minasian is accused of illegal enrichment, submitting false information in declarations, and legitimizing property acquired through illegal means.