Serzh Sargsyan faces new charges

Armenia's Anti-Corruption Committee has completed its investigation into former President Serzh Sargsyan, accusing him of abuse of office and large-scale bribery. According to the findings, between 2000 and 2018, Sargsyan allegedly used his official powers to illegally engage in business activities through proxies.

Investigators claim that Sargsyan facilitated the establishment of a bitumen plant in Surenavan by involving close associates and foreign investors. Through his trusted associate, businessman M.B., Sargsyan is said to have secretly co-founded a company, directing 22.5% of its shares – later deemed a bribe – to a firm linked to his nephew and the son of Armenia’s second president.

Following the venture’s failure in 2013, Sargsyan reportedly instructed M.B. to take a $14 million loan to repay foreign partners, then shifted the company's assets to another entity. The new company, including fuel stations and a production plant, was later sold for $40 million to a business connected to Sargsyan’s son-in-law, allegedly securing a fuel import monopoly.

Sargsyan then demanded $6 million in cash for the previously transferred shares, which was allegedly paid under a fake loan agreement. He now faces charges of receiving bribes and unlawfully participating in prohibited entrepreneurial activity, with the case forwarded to the Anti-Corruption Court.