As a result of investigations in the State Interest Fund (ANIF), a criminal proceeding was initiated based on the abuses found by the State Interest Fund.
Earlier, the State Control Service conducted studies in ANIF and found that the company did not use the financial resources received from the state effectively.Romanos Petrosyan, the head of the PES, detailed that they refer to the acquisition of certain services in representative offices or the central apparatus, investment processes, including the distribution of salaries, bonuses, business trip expenses of the management staff, their recording, and also the documentation of these processes. According to studies, large foreign investors have hardly been involved in recent years, and state funds have not been spent effectively.
“On the basis of the report compiled as an inevitable result of the study carried out by the employees of the State Control service of the Republic of Armenia at the “State Interests Fund of armenia” CJSC, in the Department of Special Assignments of the Investigation Committee of the Republic of Armenia, under Article 256, Part 3, Clause 3 of the Criminal Code of the Republic of Armenia (especially in large amounts stealing entrusted property) and Article 277, Part 2, Clause 2 of the RA Criminal Code (Official powers in the private sector or due to them abusing influence, which caused particularly large property damage) criminal proceedings were initiated, within the framework of which a number of persons were interrogated”, said the RA General Prosecutor’s Office in response to the written inquiry of “Pastinfo”, noting that no criminal proceedings are currently in progress No public criminal prosecution has been initiated against the person, the preliminary investigation is ongoing.
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How might the ANIF investigation impact foreign investor confidence in Armenia?
Interview: Unpacking the ANIF Investigation with Expert Analyst Dr. Alina Sargsyan
Time.news editor: Thank you for joining us today, Dr. Sargsyan.Recent investigations involving the State Interest Fund of Armenia (ANIF) have revealed significant financial mismanagement and prompted a criminal proceeding. Can you give us an overview of what these findings entail?
Dr. Alina Sargsyan: Thank you for having me. The investigation, initially conducted by the State Control Service, highlighted that ANIF has not effectively utilized the financial resources allocated by the state. This raised serious concerns about the management of state funds, notably in terms of how salaries, bonuses, and travel expenses for management were recorded. Moreover, there has been a lack of engagement from significant foreign investors in the past few years, which is alarming for a fund that aims to drive economic growth.
Time.news Editor: The report mentions that criminal proceedings have been initiated under several articles of the Armenian Criminal Code. What are the implications of these findings for the leadership of ANIF?
Dr. alina Sargsyan: The gravity of these findings cannot be underestimated. Under Article 256 and Article 277 of the Armenian Criminal Code, the charges suggest that there was ample misappropriation of entrusted property and abuse of official powers. For the leadership at ANIF, these allegations could lead to severe legal consequences and possibly impact their reputations and future roles in public or private sectors.
Time.news Editor: What does this mean for the future of state investments in Armenia? Will this investigation affect investor confidence?
Dr. Alina sargsyan: Absolutely. Investor confidence is crucial for economic stability and growth, especially in developing economies like Armenia. As ANIF has been ineffective in attracting large foreign investments, this investigation might further deter potential investors who may view the situation as indicative of a lack of clarity and governance in state-managed funds.It’s vital for the Armenian government to address these concerns promptly and effectively to restore faith in their investment frameworks.
Time.news Editor: Given these challenges,what practical advice would you give to stakeholders and potential investors looking at Armenia?
Dr. Alina Sargsyan: Stakeholders should prioritize due diligence when engaging with state funds or investment opportunities in Armenia. It’s important to focus on transparency and accountability measures, which include regular audits and oversight by autonomous bodies. For potential investors,seeking partnerships with reputable local firms or organizations that have a clear understanding of the local landscape could mitigate risks. Additionally, keeping abreast of ongoing investigations and government reforms will be essential in making informed investment decisions.
Time.news Editor: Thank you, Dr. Sargsyan, for your insightful analysis on this critical issue. It’s clear that the situation at ANIF will have far-reaching implications for Armenia’s economic landscape.
Dr. alina Sargsyan: Thank you for the opportunity to discuss this important topic. I hope that with the right measures, armenia can navigate these challenges and foster a more robust investment climate.