Former President Serzh Sargsyan Accused of Accepting Nearly $3 Million in Bribes

YEREVAN — The former President of Armenia Serzh Sargsyan  is accused of accepting approximately $2.985 million in bribes, according to Armenia’s Anti-Corruption Committee.

The extensive investigation into a multi-episode criminal case revealed that, while serving as President of Armenia, the official used his position to facilitate actions in favor of a company director. Specifically, in February and April 2008, with the assistance of a senior aide to the Prime Minister at the time, the official allegedly accepted a bribe in exchange for not obstructing a transaction in which 100% of the company’s shares were sold to a non-resident company in Armenia.

The investigation established that on February 20, 2008, the former high-ranking official, with the help of several individuals, received $2.66 million in cash as part of the bribe. The remaining sum was transferred through a series of related individuals.

According to the preliminary investigation, at the official’s direction, a process was organized to transfer the rest of the bribe via a connected individual. As a result, on April 3 and April 21, 2008, amounts of $200,000 and $125,000, respectively, were transferred to that individual’s bank account. These payments were falsely labeled as “charitable contributions” and used to cover expenses related to balloon rentals and other costs associated with the President’s inauguration and subsequent events held in Yerevan.

The former President has been formally charged under Article 311, Part 4, Clause 2 of the previous Criminal Code of Armenia for accepting a particularly large bribe. The investigation into his case has been separated from the main proceedings and is now complete. The case materials have been submitted to the supervising prosecutor with a recommendation to confirm the charges and forward the case to court.

It is emphasized that the accused is presumed innocent until proven guilty in a manner prescribed by the Criminal Procedure Code of the Republic of Armenia, through a final and binding court judgment.