How Much Money Does Ex-president’s Family Have?


During the trial of the ex-president Robert Kocharyan his son, Levon Kocharyan, said, answering the question about his family’s wealth, that if they had billions, at last part of that amount would have been found during the past year.

Levon Kocharyan denied that they have 4 billion dollars. “Can people even imagine how much a billion is,” he said. Answering the question on with what money the Congress Hotel had been bought, Levon Kocharyan said he is doing business and his brother started doing business before him. Levon Kocharyan said he is not a billionaire but he is a millionaire.

In this way, the public may have at least some idea about how much money the Kocharyan family has: less than a billion but more than a million.

Note that 10 years ago the wealth of the Kocharyan family was said to be 4 billion dollars. Nobody ever submitted any evidence but the number was so impressive for the public that if now, for example, Kocharyan returned 3.5 billion, they would ask him to return the other half a billion.

Apparently, the source of 4 billion is the publication in the Russian versia.ruwhich refers to the Russia-based Smbat Karakhanyan.

In an interview with Mediamax in 2018 Robert Kocharyan described the rumors about his wealth of 4 billion dollars as a legend, absolutely stupid, which damage his reputation. In answer to the question whether he considers himself a wealthy person, Kocharyan said: “If we speak about the possibilities of the entire family, I think another 200 families with a comparable level of income can be found in Armenia.” Kocharyan said he meant the businesses of his sons.

In fact, Levon Kocharyan confessed that he is a millionaire. According to open sources, the former president of Armenia has 0.0032% shares in Sistema, is a member of the board of directors and receives a salary.

According to, Kocharyan and his family have several companies or significant shares in them, including Artsakhbank, MAP, Unibank, Ardshininvestbank, Converse Bank, Renco Construction, Nairi Medical Center, K-Telecom, Toyota dealership in Armenia, Nairi Insurance. Part of this was dismissed.

The Kavkazski Uzel reported in 2018 that 4 billion dollars has been discussed for over 10 years and during this period only one thing has been missing, evidence.

According to KU, the ex-president’s family owns (or co-owns) Nairi Medical Center, Nairi Insurance, the Radisson Hotel, possibly several other hotels, including in the ski resort of Tsaghkadzor. In 2007 the second major operator of mobile telephony Vivacell (MTS) came to Armenia which is part of Sistema. Robert Kocharyan became a member of the board of directors of Sistema, later he bought shares in that company, as well as in Zangezour Copper and Molybdenum Combine. According to KU, Kocharyan’s family has 250 million dollars.

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