None of foreign companies, selected by government to manage Armenian pension funds is offshore-registered –central bank official

None of foreign companies, selected by government to manage Armenian pension funds is offshore-registered –central bank official

YEREVAN, January 29. / ARKA /. Andranik Grigoryan, a senior official of Armenia’s Central Bank, has denied today media allegations that one of the two foreign companies, selected by the government to manage Armenian pension funds is offshore-registered.

The selected companies are C-QUADRAT Ampega Asset Management Armenia, which is a joint venture of Austrian C -QUADRAT Investment AG  and German Talanx Asset Management GmbH and Amundi (France).

The allegations first appeared on a Facebook page set up to oppose a new pension system that requires that all Armenian citizens born after 1973 pay social security taxes equivalent to 5 percent of their monthly wages. As mush is to be allocated by the government. That money has to be deposited with private pension funds licensed by the government late last December. 

The allegation that  C-QUADRAT Investment AG was an offshore-registered company was repeated by many other media outlets.

According to Andranik Grigoryan, the allegation was apparently caused by the fact that one of the funds of C-QUADRAT AMPEGA is registered in Luxembourg - that is outside the country. According to him, in English, these companies are called “offshore." 

"Luxembourg meets all the criteria of the EU on transparency and accountability. Its legislation is simpler and this is why many companies choose to register there,» said Grigoryan.

He said the Organization for Economic Cooperation and Development’s "black" list of offshore countries has neither Luxembourg nor any other EU country. -0-

15:39 29.01.2014

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