New charges brought against Serzh Sargsyan

Armenia's Prosecutor General's Office has found signs of a crime in the actions of the country's third president, Serzh Sargsyan, relating to a major privatization of state property more than twenty years ago.

According to the supervisory agency, law enforcement focused on the "Vana lich drakht" recreation area in Aragatsotn Province.

When the deal was signed in 2004, the property was on the books of the Defense Ministry, which Serzh Sargsyan headed at the time. The investigation established that the recreation area was sold to a private individual at an understated price, for $500,000. Yet a year later the market value of the property was assessed at significantly more: $700,000.

The prosecutors' review also found that the property had been leased to an individual without any legal or contractual grounds. The real estate later passed into the lessee's ownership outright for 115 million drams (about $314,000). A new criminal case has been opened over the violations uncovered and possible abuse of office.

Source: Sputnik Armenia