YEREVAN — A real estate company linked to a brother of former President Serzh Sarkisian has reportedly agreed to pay the Armenian government 800 million drams ($1.7 million) after being accused by it of tax evasion.

The State Revenue Committee (SRC) made the announcement on Friday one week after tax auditors raided the Yerevan offices of the company, GLG Project. The SRC initially accused it of evading 300 million drams in various taxes through bankruptcy fraud.

In its latest statement, the tax collection agency said the “damage” has been revised upwards as a result of “some investigative and judicial actions.” The revised sum has already been paid to the state budget, it said.

It remains unclear whether GLG Project has admitted to tax fraud.

The case against the company stems from an office building constructed by it in downtown Yerevan in 2013-2017. The SRC claims that GLG paid only 3.5 million drams ($7,300) in taxes during the construction.

According to the SRC, a charity co-founded and run by Levon Sarkisian, the former president’s youngest brother, holds a 40 percent stake in GLG. Levon Sarkisian’s son Narek owns another 20 percent of the company stock. Neither man has commented on the case so far.

On June 25, the Armenian police detained the ex-president’s second brother, Aleksandr Sarkisian, on suspicion of illegal arms possession. He was set free a few hours later. The national police chief, Valeri Osipian, said on Thursday that weapons seized from Sarkisian and his bodyguards were owned legally.

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign Up for Our Newsletters

Get notified of the latest updates from MassisPost.

You May Also Like

PM Pashinyan Congratulates Erdogan On Election Win, Hopes for Continuation of Normalization Process with Turkey

YEREVAN — Armenian Prime Minister Nikol Pashinyan has congratulated Turkish President Recep…

French National Assembly Sends Genocide Denial Bill to Special Committee

PARIS — The National Assembly of France voted today to send the…

ECtHR Notifies CoE Committee of Ministers of Interim Measure Against Azerbaijan

On January 16, the European Court of Human Rights sent an urgent…

Three French-Armenian Ministers Appointed in New Government

PARIS – Newly appointed French Prime Minister Michel Barnier announced the composition…