Youth Foundation of Armenia executive director charged with money laundering, embezzlement

YEREVAN, JANUARY 25, ARMENPRESS. The Executive Director of the Youth Foundation of Armenia has been charged amid an ongoing criminal investigation into suspected money laundering and embezzlement, the Investigative Committee said in a press release.

Earlier the Investigative Committee received a report on the suspected wrongdoing by the director from former MP Karen Avagyan, a politician who serves as member of the board of trustees of the same organization.

Avagyan claimed that the Executive Director has committed fraud and embezzled more than 300,000,000 drams.

Authorities had launched proceedings based on Avagyan’s report.

The Investigative Committee says that the probe revealed that the director has embezzled large amounts of funds in a period spanning for 5 years.

The Executive Director of the Youth Foundation of Armenia is Alexander Ter-Hovakimyan, serving since 2010. However, the press release of authorities did not mention him by name.

Investigators have requested a court to issue an arrest warrant for the executive director.

Edited and translated by Stepan Kocharyan