Prosecutors seek to seize 2.3 billion drams worth assets from former mayor of Yerevan

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11.01.2023, 11:15

A department of the Office of Prosecutor General in charge of confiscation of assets deemed to have been acquired illegally has asked a court's permission to confiscate the assets of an MP and former Yerevan Mayor Taron Margaryan and six affiliated persons.

Prosecutors seek to seize 2.3 billion drams worth assets from former mayor of Yerevan

YEREVAN, January 11. /ARKA/. A department of the Office of Prosecutor General in charge of confiscation of assets deemed to have been acquired illegally has asked a court's permission to confiscate the assets of an MP and former Yerevan Mayor Taron Margaryan and six affiliated persons.

Under a law enacted by the Armenian government in 2020 prosecutors can seek asset forfeiture in case of having “sufficient grounds to suspect” that the market value of an individual’s properties exceeds their “legal income” by at least 50 million drams ($100,000).

The property to be seized from Taron Margaryan includes six residential houses in Avan administrative district of Yerevan, a public area, a summer house in Jermuk and two vehicles. Their average market value is 1 billion 528 million 800 thousand 500 drams. The prosecutors also want to seize 853 million 402 thousand 782 drams of illegal origin. ($1 - 395.13 drams). -0-

#TARON MARGARYAN

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