Transparency International Anti-Corruption Center has published a study entitled "Privatization - Foreign Investment in the Republic of Armenia in 1997-2020", which identified issues related to the privatization and investment processes. In this publication, we will look at the history of the Vorotan cascade privatization presented in the study.
Alienation of Vorotan cascade under confidential conditions
According to the study, by the resolution no. 1496-A of RA Government dated on 21.11.2013, the main part of the property complex of "Vorotan Hydroelectric Power Plant Complex" CJSC was alienated to "Contour Global HydroCascade" CJSC. However, the draft resolution was not included in the agenda of the sitting of tA Government dated on November 21, 2013 and it was not mentioned in the official press release on the sitting of RA Government for that day. The public was informed about the sale of Vorotan Cascade only in January 2014, two months after the resolution was adopted.
Who received US $ 180 million?
The study raises the question who received the money for the hydro cascade. The cost of the Vorotan Cascade was set at US $ 180 million. According to the study, "Contour Global Hydro Cascade" CJSC made the first payment in the amount of 43,068.0 million AMD (or 90.0 million USD) to the account of "Vorotan Hydroelectric Power Plant" CJSC on July 30, 2015. It was not immediately clear to the public who received US $ 180 million and how it was used.
"According to mass media publications, the Armenian government has kept the resolution on the sale secret. The proceeds from the sale were transferred to the account of Vorotan Cascade instead of being transferred to the account of RA Government, and the son-in-law of the third President of the Republic of Armenia Serzh Sargsyan, Mikayel Minasyan, backed this deal,” the study says.
August 12, 2020 at 22:09