Former Republican MP Reported on His Colleague based on which the Latter was Charged with Felony

Karen Avagyan, also known by the nickname “Puchik Karen”, a former Republican MP, head of the youth wing of the Republican Party, member of the board of trustees of the “Youth Federation of Armenia” filed a report to the Investigative Committee of Armenia on May 25, 2018 based on which the executive director of the Youth Foundation, Alexander Ter-Hovakimyan was charged with felony.

Avagyan reported that on April 6, 2018, on behalf of the foundation the executive director signed a loan agreement in the amount of 326.000.000 AMD with himself. He is charged with money laundering and embezzlement of funds of significant amounts in accordance with Criminal Code’s Article 179 Part 3, Clause 1 and Article 190, Part 3, Clause 1. There is an arrest warrant for Ter-Hovakimyan, as stated in the press release of the Investigative Committee.

“The pre-investigation has revealed that the executive director of the Youth Foundation of Armenia, serving in the position since 2010, embezzled significant amounts of money from the foundation between April 29, 2013 and May 22 2018. Aiming to conceal the criminal origin of the embezzled money, he attempted to legalize it through splitting it and making transfers to various affiliated companies and individuals, including his mother and wife, through withdrawing cash and various other transactions.”

In 2012, during the electoral campaign concert of the Republican Party, balloons inflated with unsafe gas exploded and inflicted serous health damages to dozens of youth gathered at the open-air electoral event. Karen Avagyan was in charge of organizing the event.