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25 Sep 2021

Investigative Committee of Armenia

Preliminary Investigation of one of the Counts of Abuses Committed within Development and Implementation of "North-South Road" Program Completed

See all tags Allegations

25 September 2021

... Pursuant to factual data obtained through [government] investigation, the Director of «Multi Group Concern» Sedrak Arustamyan actually managing the activity of «Stones» LLC, from June 10 to August 8, 2016 being 100% shareholder of «Stones» LLC, together with Suren Avagyan and Gurgen Sargsyan who coordinated the work of the company with him, being induced by the representatives of the Armenian branch of contractor «Sinohydro Corporation» LLC implementing construction work on Talin-Lanjik and Lanjik-Gyumri sections within the program «Reconstruction and Improvement of Road M1 from Talin to Gyumri» of «North-South Road» program reached agreement on withdrawing funds from the company through tax accounts without providing the Armenian branch of «Sinohydro Corporation» LLC with services and thus supporting the company to evade from taxes in particularly large amount. In order to realize this, on June 8, 2016 together with Suren Avagyan and Gurgen Sargsyan, who coordinated the work of the company with him, he organized signing of 2 contracts on providing consulting services between «Stones» LLC and «Sinohydro Corporation» LLC on the part of construction work in Talin-Lanjik and Lanjik-Gyumri sections.
After signing the contracts, on 25 December, 2017 681.705 Euros and 1.652.277 USD in total tantamount to 1.139.665.469 AMD was transferred to “Stones” LLC by «Sinohydro Corporation» LLC as a prepayment...