Hayastan pan-Armenian charity fund director tenders resignation
10.07.2018,
16:56
Armenian President Armen Sarkissian received July 9 Ara Vardanyan, the executive director of the pan-Armenian charity Hayastan Fund, who tendered his resignation, one week after being accused of embezzling its funds.
YEREVAN, July 10. /ARKA/. Armenian President Armen Sarkissian received July 9 Ara Vardanyan, the executive director of the pan-Armenian charity Hayastan Fund, who tendered his resignation, one week after being accused of embezzling its funds. Armen Sarkissian as President of the country serves also as the chairman of Hayastan’s Board of Trustees.
Vardanyan was detained by the National Security Service (NSS) on July 2 on suspicion of embezzlement and misuse of funds. According to an NSS statement, under the pressure of facts, Vardanyan confessed to misappropriating the charity’s funds, including using Armenia Fund money for online gambling.
According to a NSS statement, Vardanyan used a Hayastan Fund credit card with a limit of 25 million drams (approximately $5,500) for online gambling. He then used donated funds to replenish the credit card account. According to his own testimony, Vardanyan then placed his own money into the charity’s accounts to compensate for the wasted money.
NSS said during the last week alone, Vardanyan used nearly 14 million drams ($29,000) from the Hayastan Fund credit card for online gambling. From 2016 to 2018 Vardanyan reportedly misappropriated approximately 130 million drams (around $270,000) for personal use.
On July 5 a court in Yerevan agreed to free Vartanyan on bail pending investigation.
The Hayastan pan-Armenian Fund is a tax-exempt, non-governmental, non-political corporation, established in 1994 in Los Angeles, California to carry out national projects in Armenia and Nagorno-Karabakh. -0-
Vardanyan was detained by the National Security Service (NSS) on July 2 on suspicion of embezzlement and misuse of funds. According to an NSS statement, under the pressure of facts, Vardanyan confessed to misappropriating the charity’s funds, including using Armenia Fund money for online gambling.
According to a NSS statement, Vardanyan used a Hayastan Fund credit card with a limit of 25 million drams (approximately $5,500) for online gambling. He then used donated funds to replenish the credit card account. According to his own testimony, Vardanyan then placed his own money into the charity’s accounts to compensate for the wasted money.
NSS said during the last week alone, Vardanyan used nearly 14 million drams ($29,000) from the Hayastan Fund credit card for online gambling. From 2016 to 2018 Vardanyan reportedly misappropriated approximately 130 million drams (around $270,000) for personal use.
On July 5 a court in Yerevan agreed to free Vartanyan on bail pending investigation.
The Hayastan pan-Armenian Fund is a tax-exempt, non-governmental, non-political corporation, established in 1994 in Los Angeles, California to carry out national projects in Armenia and Nagorno-Karabakh. -0-
