Let’s be honest, I don’t trust the income disclosures filed by top Armenian officials to the state ethics committee. My suspicions are well founded.
Many of these individuals have other sources of income that are rarely reported. When I review their affidavits, many sections are merely left blank. And if other income is reported, their sources are conveniently overlooked.
Take BHK (Prosperous Armenia) MP KaroKarapetyan for example.
The financial assets of Karapetyan and his wife Hasmik Stepanyan have increased of late, but there is nothing on their joint disclosure indicating where the revenue came from.
Their son Vilik, who is the nominal owner of the family’s commercial enterprises, shows zero income.
Hetq has reported on the Karapetyan family’s financial situation last year. (MP Karapetyan& Family: Little Revenue, but Lots of Cash)
In 2012, KaroKarapetyan reported 49 million AMD and $108,000. A year later KaroKarapetyan declared 60 million AMD and US$120,000, but his reported income remained the same - 3.124 million AMD (his salary as an MP)
The case of HasmikKarapetyan is even more bizarre. While reporting no income at all, in 2013 she upped her cash holdings significantly and reported 80 million AMD (53 million in 2012) and US$220,000 ($100million in 2012). Only she knows where the cash came from.
In 2012, their son Vilik reported 85 million ASMD and $260,000 in cash holdings. Like his mother, he reported not one cent in revenue. In 2013, Vilik declared ‘zero’ holdings in both AMD and US$.
But we know for a fact that VilikKarapetyan owns Shahumyan Vino LLC, which produces wine and other alcoholic beverages. The company has paid in capital of 162.7 million AMD.