In Armenia, the investigation into a high-profile criminal case involving an attempt to illegally collect 1.6 billion drams from the state-owned company Armenicum CJSC has been completed

ArmInfo.  The preliminary investigation into the criminal case concerning an attempted particularly large-scale fraud and the submission of false testimony to a court in a civil case has been completed. The press service of the Investigative Committee reports this.

During the preliminary investigation, clear factual data were obtained indicating that on March 10, 1999, a loan agreement was signed between OJSC "Armenicum+" and LLC "Mika Limited" under which the latter provided OJSC "Armenicum+" with USD 4 million as a business investment. Subsequently, the director of OJSC "Armenicum+", L.G., and the director of CJSC "Armenicum", A.M., seeking to ensure the possibility of subsequently repaying the aforementioned amount invested by a private individual at commercial risk, signed a fictitious loan agreement on December 1, 1999, allegedly under which OJSC "Armenicum+" provided CJSC "Armenicum" with approximately AMD 1.6 billion for a period of six years, and then drew up fictitious agreements extending the term of the agreement.

Furthermore, on the basis of the aforementioned fictitious loan agreement signed on December 1, 1999, the director of CJSC "Armenicum", A.M., together with the company’s chief accountant, M.G., the director of OJSC "Armenicum+", L.G., and the chief accountant of the same company, A.B., allegedly prepared and signed, between 2011 and 2018, fictitious reconciliation statements concerning OJSC "Armenicum+"’s obligations to CJSC "Armenicum" amounting to approximately AMD 1.6 billion, thereby creating a particularly large property obligation for CJSC "Armenicum".

Then, following the death of L.G., A.M., the director of OJSC "Armenicum+", intending to appropriate the particularly large amount of approximately AMD 1.6 billion through a civil lawsuit, and in order to carry out his criminal plan, on May 24, 2021, without convening a meeting of the company’s shareholders, drew up a substantively false protocol of the company’s shareholders’ meeting and submitted it to the competent state body, thereby unlawfully assuming the position of general director of CJSC "Armenicum+" while simultaneously holding the position of general director of CJSC "Armenicum".

In order to complete the criminal plan and confirm compliance with the statute of limitations, A.M., using the aforementioned fictitious agreement dated November 30, 2015, allegedly drawn up on the basis of the chronology of events of November 30, 2015, extending the term of the loan agreement concluded between OJSC "Armenicum+" and CJSC "Armenicum" on December 1, 1999, as well as fictitious reconciliation statements, filed a lawsuit on November 27, 2025, with the Yerevan First Instance Court of General Jurisdiction, demanding payment of approximately AMD 1.6 billion from CJSC "Armenicum", in which the state holds a 100% stake. The investigation is ongoing.

A criminal case has been initiated against A.M., the director of OJSC "Armenicum+", under several articles of the Criminal Code. During the preliminary investigation, no criminal cases were initiated against M.G., the chief accountant of CJSC "Armenicum", and A.B., the chief accountant of OJSC "Armenicum+", or against the former director of OJSC "Armenicum+", L.G., due to the expiration of the statute of limitations and the latter’s death.

The materials of the criminal case, together with the indictment, have been sent to the supervising prosecutor with a motion to approve them and refer the case to court for consideration on its merits.