ARMENIA’S GOLDEN PALACES: OFFSHORE MILLIONS EVADED INVESTIGATORS

On 5 June, OCCRP published a report about the Golden Palace Hotel Resort & Spa which has stood empty ever since the family of Armen Avetisyan, the country’s former head of customs, gave it to the state in 2019.  Avetisyan was being investigated for alleged money laundering and amassing part of his $90 million hotel portfolio during his time as a public official, despite laws forbidding him from business dealings while in office.  It says that new documents shed light on his family’s assets, with records and emails from Cayman National Bank on the Isle of Man.  Armen Avetisyan’s company, Golden Group Limited, an Isle of Man company incorporated in 2012, was flagged as a high-risk client from the time it opened an account at Cayman National in 2012.  He was dismissed from his position as head of customs without explanation in 2008, but went on to secretly build the new (second) hotel.

https://www.occrp.org/en/investigations/armenias-golden-palace-offshore-millions-evaded-investigators

 

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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