SRC’s investigative body reveals new tax evasion case by “JLJ Project Company” – damage to state amounts to 300 million AMD
YEREVAN, JUNE 23, ARMENPRESS. The preliminary investigation of the criminal cases initiated on May 2 and June 18 over tax evasion of a particularly large amount by purposefully creating conditions of insolvency showed that the company was established in 2010.
As ARMENPRESS was informed from the press service of the State Revenue Committee, the founders of the company are Gor Arakelyan (20% shares) who alienated his shares to his mother Lilit Bagratyan, Gabriel Jemberjyan (20% shares), Narek Sargsyan (20% shares) and “Pyunik” charitable foundation (40% share). The company carried out a construction of a multifunctional building in Yerevan’s Buzand Street.
During the activities of the company in 2013-2017 only 3 million and 527 thousand AMD has been taxed, while 147 million AMD had to be taxed, but the company failed to pay and led the company to bankruptcy.
In addition, the investigation revealed that in its calculations of VAT “JLJ Project Company” hid nearly 140 million AMD. It has also been discovered that the Co-founder and Director of “Pyunik” Charitable Foundation, which owns 40% shares of the company, is Levon Sargsyan, whose son Narek Sargsyan owns 20% shares of the company. Levon Sargsyan is also a member of the Board of Trustees of “Pyunik” Charitable Foundation. Another member of the Board of Trustees is Gabriel Jemberjyan (20% shares).
Law enforcement bodies have conducted searches in 10 addresses, including the office of “Pyunik” Charitable Fund and the houses of the founders of “JLJ Project Company”. The damage caused by the company to the state amounts to 300 million AMD. Other investigative measures and legal proceedings are underway to find out any other tax evasion cases.
Co-founder and Director of “Pyunik” Charitable Foundation Levon Sargsyan is the brother of former President of Armenia Serzh Sargsyan, who stepped down a week after being elected Armenia’s Prime Minister by the parliament as a result of mass protests in April-May, 2018.
Edited and translated by Tigran Sirekanyan