Friday, May 24 2019 11:40

ArmInfo. The State Control Service of the Republic of Armenia completed studies in the Youth Foundation of Armenia.

According to the report of the service, the subject of research was  the study of the lawfulness of the receipt of funds and the  effectiveness of their use. According to the results of the research,  materials on offenses were sent to the Special Investigation Service.

To recall, in early January, the court granted the investigator's  request to elect arrest as a measure of restraint against the  Director of the Youth Foundation of Armenia Alexander Ter-Hovakimyan,  who was charged with embezzlement and money laundering on a large  scale. According to the Armenian Investigative Committee, on May 25,  2018, the investigative body received a statement from Member of the  Board of Trustees of the Armenian Youth Foundation, Member of  Parliament Karen Avagyan that on April 6, the Executive Director of  the Youth Foundation of Armenia, on behalf of the Foundation, signed  an agreement with himself on a loan amounting to 326 million drams  (about 672 thousand dollars). On this fact, a criminal case was  initiated on the grounds of paragraph 1 of part 3 of article 179  (Assignment or embezzlement on a particularly large scale) of the  Criminal Code of Armenia. The investigation found out that a citizen  who held the position of executive director of the Youth Foundation  of Armenia from 2010, from April 29, 2013 to May 22, 2018,  appropriated large amount of money entrusted to him.

According to the source, in order to conceal and distort the fact of  appropriation of an obviously appropriated extra large amount of  money, he legalized this amount by transferring in parts to the  accounts of various affiliated organizations and individuals, cashing  out and carrying out various deals. In particular, in this way he  legalized a particularly large amount of 226 million 464 thousand  drams (about 477 thousand dollars), transferring cash in cash to his  mother's account, and then sent from these accounts an amount of 539  thousand 332 dollars to the account in one of British banks. "After  that, 490 thousand 583 dollars from the British accounts were  transferred to the account of his wife M.K., and then from this  account 477 thousand 485 dollars were transferred to a personal  account in one of the Armenian banks and cashed for personal use'',  the statement reads. Based on the above information, on January 24,  2019, the Executive Director of the Youth Foundation of Armenia was  charged under clause 1 of part 3 of article 179 (Assignment or  embezzlement in especially large amounts) and under clause 1 of part  3 of article 190 (Legalization of income in especially large sizes  received illegally) of the Criminal Code of Armenia. The preliminary  investigation is ongoing.