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Armenia’s Central Bank Responds to Hetq Revelations

Promises to Investigate Possible “Gas Guzzling” at Subsidiary Recently, Hetq published an article as to how Lyudvig Sargsyan, Director of the “ArmCollection” CJSC has been ordering 25 liters of gas per day for his company car; including Saturdays and Sundays. Lyudvig Sargsyan has a Toyota Camry at his disposal, which, according to the manual, gets up to 100 kilometers a day on just 10 liters of gas in the city. This means that Mr. Sargsyan would have to drive 250 kilometers per day to use up the gasoline allotted him. ArmCollection is a cash collections company servicing inter-bank transfers. In Armenia, such companies must be licensed. “ArmCollection” is fully owned by the RA Central Bank and solely accountable to it. We contacted the Central Bank of Armenia for some answers. What follows is the Central Bank’s response. In reply to the Hetq article of September 25, 2010 entitled “Gas Guzzlers at Agency Owned by Central Bank?” we wish to state that the Central Bank’s Board sets the yearly budget of ArmCollection CJSC according to applicable procedures that mandate proper accounting and substantiation. As to the specific limits envisaged for company cars, they are set solely by the Director of ArmCollection CJSC. It is necessary to take into account the fact that ArmCollection CJSC has regional centers throughout Armenia and that personnel frequently pay working visits to them, including the director’s staff. An examination will be conducted regarding the issues you have raised. The results will be discussed at an ArmCollection board meeting to be held in the near future. Hopefully, the board will also pay particular attention to the question as to what the director of ArmCollection is doing in the outlying regions of Armenia on Saturdays and Sundays. We should point out that working visits to the various regions of Armenia must be authorized by other directives. The evidence presented by Hetq has nothing to do with them.

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