Armenia’s anti-corruption court targets ex-defence minister’s assets in Armenia, US

On May 15, 2024, Armenia's Anti-Corruption Court accepted a lawsuit filed by the Prosecutor General's Office seeking the confiscation of property from former Defence Minister Vigen Sargsyan, citing illegal origins of the assets.

Caliber.Az reports citing Armenian media that the Department for Confiscation of Property of Illegal Origin of the Prosecutor General's Office has submitted a claim to the court aiming to recover the following assets from Sargsyan and an associated individual:

-A real estate property located in the center of Yerevan, or if recovery of the property is not possible, its average market value amounting to 181 million 125 thousand drams.

-A residential property in Massachusetts, USA, or if recovery of the property is not possible, its value of 940 million 909 thousand drams, equivalent to approximately 2 million 50 thousand US dollars.

-An additional 255 million 454 thousand drams, identified as the balance of illegally obtained money.

172 million 486 thousand drams, determined to be of illegal origin and not justified by Sargsyan's legal income, which cannot be confiscated as they were either transferred to a bona fide purchaser or could not be identified from 2004 to 2022. This extends to property and funds placed in banks during the period of his joint life with L.G.

At the current exchange rate, 1 US dollar equals 388 drams.