From worn-out shirt to luxury villa: Armenian ex-president’s family owns $3.3 million property in Greek island

Taron Chakhoyan, Deputy Head of the Office of the Prime Minister of Armenia, has unveiled that the family of former Armenian President Robert Kocharyan owns a luxury villa on the Greek island of Mykonos.

The property, covering 600 square meters, is located on a 6,200 square meter plot in the Ano Mera area, Chakhoyan wrote on Facebook, per Caliber.Az.

He stated that the General Prosecutor’s Office is demanding the confiscation of the value of this property from Sedrak Kocharyan — the son of the former president.

According to him, the villa is estimated to be worth approximately 1.3 billion drams (about $3.3 million).

Chakhoyan also highlighted the contrast between Kocharyan’s public image and his family’s actual assets: “Kocharyan returned to Armenia wearing a worn-out shirt, but turned out to be a co-owner of a villa in Mykonos.”

Photographs of the property, as well as satellite images of the land plot, were made public by Chakhoyan.

This revelation adds to prior allegations against Robert Kocharyan regarding undisclosed wealth and business dealings abroad. Previously, Chakhoyan disclosed that Kocharyan and his family hold shares in MMJ Gold Limited, a company engaged in mining gold, diamonds, and other precious metals in Tanzania. The former president and his son visited Tanzania after 2008, raising questions about the origins of their wealth.

The Prosecutor’s Office is also demanding the confiscation of approximately 2 billion drams from Sedrak Kocharyan related to funds used to acquire the stake in MMJ Gold Limited. These investigations highlight ongoing scrutiny of the former president’s financial activities and the contrast between his public image and actual assets.

By Khagan Isayev