State Fund Under ANIF Invests 700 Million Drams in Business of Former Director’s Friend

The "Entrepreneur + State Anti-Crisis Investments" fund, which is managed by the ANIF, invested 700 million drams in 2022 in the company "Global Connect" LLC, owned by Sergey Grigoryan, a friend of ANIF's former director David Papazyan. They were also business partners in an offshore arrangement, according to Hetq.

This fund of ANIF (Armenian National Interests Fund) has invested billions of drams in ten Armenian companies from 2021 to 2023, simultaneously acquiring stakes in these businesses.

The investment of 700 million drams was made in three tranches in March, April, and June 2022 in the Yerevan-based "Global Connect" LLC. According to the State Revenue Committee, the company is engaged in inter-state freight transportation by automobile.

According to ANIF, the purpose of the investment was to enable the company to purchase 18 trucks and their semi-trailers (including refrigerator semi-trailers) to serve major importers and exporters in Armenia.

"Global Connect" LLC was founded in 2018. The sole shareholder was Susanna Gevorgyan, also its director, but she was soon replaced by her husband Sergey Bagrat Grigoryan. In December 2021, shortly before receiving investment from the state fund, the LLC was restructured into a closed joint-stock company (the fund made investments between $0.5-4 million only in joint-stock companies, in return becoming a shareholder of 25.1-49.9%).

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