Armenian ruling party MP faces hidden wealth allegations

An investigation by the watchdog group AntiCor.am has raised concerns over possible illicit enrichment and undeclared assets by Narek Grigoryan, an MP from Armenia’s ruling Civil Contract party.

According to the report, a review of financial declarations filed by Grigoryan and his wife, Marieta Nikoyan, between 2021 and 2024 reveals sharp inconsistencies, unexplained cash growth and potential concealment of property.

Grigoryan’s declared cash holdings reportedly increased from 2.25 million drams in 2021 to 12 million drams in 2024, marking a fivefold rise despite modest official income. The lawmaker also reported several loans during this period, yet his cash reserves continued to grow, raising questions about undisclosed income sources.

AntiCor investigators say Grigoryan has been using a Mercedes-Benz vehicle not listed in any of his income declarations, a potential violation of Armenia’s public service disclosure law.

Nikoyan’s own filings also show similar irregularities, including rapid cash accumulation and questionable vehicle transactions with relatives and associates that appear to be “formal” deals intended to balance her reports.

The investigation further found that Grigoryan failed to declare family members living at the same address – a breach of disclosure rules meant to prevent asset concealment through relatives.

AntiCor concludes that the pattern of hidden wealth, undeclared relatives and fictitious transactions points to “systemic corruption risks” and potential elements of illicit enrichment.