Samvel Mayrapetyan and Gagik Hakobjanyan to Return Approximately $11 Million to the State

The Ministry of Justice's state interests protection department filed a lawsuit in 2022, seeking recovery from Samvel Mayrapetyan and Gagik Hakobjanyan in the amount of 5 billion 689 million 764 thousand drams as compensation for damages inflicted on the state, as reported by the Prosecutor General's Office of Armenia.

By a decision dated April 21, 2022, the court approved the Prosecutor General's motion for the application of interim measures regarding the lawsuit.

According to the factual basis of the lawsuit, Samvel Mayrapetyan, having initially aimed to evade payment of taxes resulting from the actual income from the company's business activities, through the company's director Gagik Hakobjanyan, included significantly lower market values in the sale agreements of 141 real estate units belonging to the company "Globus" LLC located at 66 Teryan Street, Yerevan, during 2006.

As a result, sale agreements were concluded in the offices of notary "Kentron" between Gagik Hakobjanyan and individuals, where the price per square meter of the apartments was indicated at approximately 66,000 drams, parking spaces at around 75,000 drams, and non-residential areas at approximately 61,000 drams. Meanwhile, at the same time, the market value per square meter of an apartment in the area was 770,000 drams, the price of parking spaces was 160,000 drams, and non-residential areas were valued at 875,000 drams.

Subsequently, for the payment of tax liabilities arising from these transactions, instead of the expected 3 billion 72 million 651 thousand drams for VAT in the second quarter of 2006, only 228 million 696 thousand 200 drams were reported; in other words, VAT was underreported by 2 billion 843 million 955 thousand drams. Additionally, the actual values of these transactions were not fully included in the calculation of profit tax for 2006. Taking into account the costs deductible from the company's gross income, instead of the expected 2 billion 846 million 243 thousand 830 drams for profit tax, Gagik Hakobjanyan reported only 11 million 435 thousand drams, resulting in a shortfall of 2 billion 834 million 808 thousand drams in the profit tax calculation.

Later on, to conceal the criminal activities of "Globus" LLC in failing to pay substantial taxes and to reduce the risk of their exposure, Gagik Hakobjanyan initiated the process of liquidating the company at the behest of Samvel Mayrapetyan, leading to the company's dissolution on November 21, 2006.

By the ruling of the Anti-Corruption Court dated April 5, 2024, the lawsuit filed by the state interests protection department of the Prosecutor General's Office was upheld. Following the legal enforcement of the verdict, 4.4 billion drams (approximately $11 million) will be recovered from businessman Samvel Mayrapetyan and director Gagik Hakobjanyan in favor of the Republic of Armenia, as determined by the economic expert assessment of the funds involved.