33,652-square-foot mansion in Holmby Hills

WASHINGTON, DC — The US Justice Department reached a settlement for a civil forfeiture case against a mansion in the Holmby Hills section of Los Angeles belonging to the family of Gagik Khachatryan, a former government official in the Republic of Armenia.

Former Minister Gagik Khachatryan

In 2011, a trust benefiting Khachatryan’s sons purchased the property with funds provided by an Armenian businessman. At the time, Khachatryan was the most senior official in charge of taxes and customs in the Republic of Armenia. The sons claimed that the funds were provided as loans by the businessman, while the United States alleged the loans, which were repeatedly extended without repayment, were covers for bribe payments. The payments are also the subject of pending criminal prosecutions in the Republic of Armenia.

Under the terms of the settlement, the mansion will be forfeited to the United States. The United States will then sell the property at the highest obtainable market price and retain 85% of the net proceeds of the sale. The remaining net proceeds of the sale will be delivered to the Khachatryan’s sons and a corporation they own. The Attorney General has the discretionary authority to transfer forfeited property to any foreign country that participated directly or indirectly in the seizure or forfeiture of the property. The offices that brought the case intend to recommend transfer of some or all of the forfeited proceeds to the Republic of Armenia.

“As a result of effective cooperation between the General Prosecutor’s Office and competent US authorities within the framework of the criminal case initiated in Armenia, the private house in Los Angeles, USA, belonging to the family of the former Minister of Finance of Armenia, Gagik Khachatryan, which is considered property of criminal origin by the decision of the competent US court, will be seized and sold at the highest market value,” Armenia’s General Prosecutor’s Office annopunced.

Currently, negotiations are underway between the General Prosecutor’s Office and the competent authority of the USA regarding the return of the majority of the funds received from the sale of the private house to Armenia

1 comment
  1. Monies Were Stolen from the Armenian Governent’s Treasury…
    Any Should Be Returned to the Armenian Government after deducting the Legal Expenses…!!!…
    All Monies Were Stolen from the Armenian Government…!!!…
    Gagik Khachatryan should be in Prison for High Treason…!!!
    No Monies should be given to the thief Gagik Khachatryan or his children….!!!…,☝️☝️☝️

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