Tag archive

Embezzlement

ANIF. ROBBERY IN THE LAST BREATH

Despite numerous publications, dubious deals, astronomical salaries, zero results, corruption schemes, and embezzlement, the ANIF fund continues to rob taxpayers. Apparently, the roof is very secure.

The government wants to allocate another AMD 1.7 billion to ANIF, according to the article “Financial assistance to organizations in the process of liquidation.” Such impudence is outrageous.

In May, the government announced the closure of the ANIF foundation, which had already become too toxic. No reasons were cited. They stayed silent about the …

MINISTERS AND PIASTRES

The details of our investigation into the embezzlement in the ANIF fund have now reached the government discussions.

Last week, former Health Minister and now MP Arsen Torosyan posed a pointed question to Economy Minister Papoyan regarding the ill-fated ANIF fund, particularly focusing on the salaries being paid within it. It was a surprisingly sharp question. He cited publications in the press and directly asked whether these salaries existed, noting that while the state meticulously monitors every penny, reacting strictly …

Outcomes: 5 funds and 20 billion in losses

Interim results of investigations into the activities of five funds.

Corruption, once wild and brazen is becoming commonplace.

In previous articles, we examined the activities of five foundations that waste taxpayers’ money, are lacking in accountability and transparency, showcase extreme inefficiency, and likely engaging in corrupt practices. Now we present our intermediate conclusion.

Public servants face many restrictions. Their salary is fixed by law, they must file declarations of income and property, be present at their workplaces, follow the dress …

Enterprise Armenia Foundation – Concierges and Guarantors at our expense

Enterprise Armenia Foundation is an organization funded by taxpayers that claims to stimulate business development and attract investment in Armenia. Annually, it spends around 550 million drams on salaries and administrative costs.

Going back 15-20 years, the organization focused on supporting small businesses through seminars, courses, and consultations. However, these initiatives’ outcomes and general perceptions were not particularly positive, even though the allocated funds were fully utilized.

Enterprise Armenia distinguishes itself from other funds by being relatively transparent. Other organizations …

Фонд Enterprise Armenia :: Консьержи и поручители

Фонд Enterprise Armenia – организация, претендующая на развитие бизнеса, привлечение инвестиций и существующая, конечно, на деньги налогоплательщиков. Годовые расходы на зарплаты и административные расходы составляют около 550 млн драмов.
Еще 15-20 лет назад контора содействовала малому бизнесу – семинары, курсы, консультации и так далее. Шлейф тогда был не совсем приятный, впрочем как и результаты. Но деньги были освоены полностью.
В отличие от других фондов, данной организации свойственна некоторая открытость. ANIF, ARFI, E+S и Amber Capital в лучшем случае уклонялись от
…

DARKER THAN DARK AMBER

The already familiar,  but still very non-transparent ANIF foundation, in 2022 allocated a whopping 7 million dollars of taxpayer money to a mysterious enterprise called “Amber Capital Armenia”. Ostensibly, this investment was made as a means to bolster the Armenian economy. The suspicious nature of this company is twofold.
The first mystery arises from the fact that ANIF itself was established to make such, and has amassed a team with hefty salaries, yet it opted to outsource its activities.
The
…

Embezzlement for all tastes :: The tale of one purchase

The Chronicle of Everyday Corruption
The ANIF Foundation and its subsidiaries have inflicted a staggering 12 billion drams of damage on the state.
The spending by these funds went unchecked, shielded by the patronage of the former Deputy Prime Minister, now the Mayor of Yerevan.
A vivid example of this type of unsupervised spending is the story of a particular purchase.
At the beginning of 2023, when it became apparent that the salaries didn’t match the unclear qualifications or the
…

Business+State Anti-Crisis Investment Foundation

The Chronicle of Everyday Corruption
Another 100% subsidiary of the ANIF fund, was created to invest in the capital of various enterprises. An interesting name considering that investments are not anti-crisis at all. According to the government’s decision, the government allocates money (up to 50 billion drams), and the fund invests.
In three years of operation, this fund has invested in only six projects, totaling $6-7 million. Mushroom cultivation, berries, transportation, tourism, and restaurant. That’s all. Not much.
The fund, …

ARFI Investment company :: 200mln thrown in the garbage

The Chronicle of Everyday Corruption
ARFI was created at the end of 2022 and is a 100% subsidiary of the ANIF Foundation, whose activities were discussed earlier. He received a license from the Central Bank and named himself “the first crowdfunding platform in Armenia.” This is when private projects are announced that need investments and raise money.

Near-zero result
In fact, it’s an empty shell, the whole activity is a hastily made website with three project announcements. One of them …

ANIF’s 4 billion story

The Chronicle of Everyday Corruption
ANIF FOUNDATION։4 BILLION AMD Spent on Salaries with No Accountability
Recently, the head of the cabinet finally admitted that the project of the national airline Fly Arna has failed. Perhaps he was the last to acknowledge it.
But upon closer examination, this was clear long ago, since the very beginning of the project, two years ago. There was a pompous, empty announcement with meaningless statements from the then-deputy prime minister and the young head of
…

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