Hetq uncovers links between ANIF, Delaware offshore companies and friend of Tigran Avinyan’s wife

In 2023, the Entrepreneur+State Anti-Crisis Investments Fund created by the Armenian National Interests Fund (ANIF) invested 1.5 billion drams in CFW CJSC, just eight days after its establishment. The company’s shareholders are Delaware-registered offshore entities, and its director, Karine Andreasyan, is a friend of Mariam Pahlavuni, the wife of current Yerevan Mayor and former ANIF Board Chairman Tigran Avinyan. The company currently has only one employee – its director, Hetq has revealed.

ANIIF was created in 2019 to attract foreign investments, with the Entrepreneur+State Fund established in 2020 to co-finance private companies. Between 2020-2023, the fund invested approximately 6.6 billion drams and $4 million in various firms. CFW was among the beneficiaries, with ANIIF acquiring 49% of its shares.

The investment aimed to develop cybersecurity capabilities and train specialists in Armenia. However, state agencies have not confirmed whether these goals were met. Public access to financial audits remains restricted, with ANIIF citing "trade secrets" CFW’s workforce shrank from 15 employees in 2023 to just one in 2024. Despite its state investment, the company does not appear in Finance Ministry records, raising concerns over transparency and accountability.

"Amid ongoing corruption scandals surrounding ANIIF, the CFW deal raises serious questions about the efficiency, transparency and oversight of state investments. A total of 1.5 billion drams in public funds was allocated to a company with offshore ties and no clear evidence of tangible results," Hetq said.