Scandalous Criminal Case: Revenue Committee’s Statement

Armenia


According to a preliminary assessment, Nairi Insurance has caused damage to the state in the amount of 200 million drams.

The investigative department of the State Revenue Committee and the Organized Crime Department of the Police have revealed a major case of tax avoidance.

The police found out that in 2016-2017 the management of Nairi Insurance signed insurance contracts with clients on behalf of insurance agents and wrote off commission fees. The agents were sole proprietors registered in the name of former employees of Nairi Insuance, as well as other people anyhow related to the company but these sole proprietors were not practicing agents but the insurance company transferred significant amounts in the name of these sole proprietors as commission fees.

As a result, the amounts allocated as fees were included in the expenses of tax reports submitted in 2016-2017 and deducted from taxable profit in the result of which according to preliminary assessments, the damage to the state is 200 million AMD (excluding fines).

Note that Nairi Insurance is owned by the family of the ex-president of Armenia Robert Kocharyan.



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