Earlier today, Armenian President Serzh Sargsyan appointed Hovhannes Hovsepyan, who had been serving as director of the Presidential Oversight Service, as president of the State Revenue Committee.
Over the years, this top government official has received hundreds of thousands of dollars in “gifts”.
While Hovsepyan has declared such “gifts” in his financial disclosures, that’s about all we know. Who made such generous gifts and why, remain unanswered questions.
In 2011, Hovsepyan declared US$1.6 million in gifts. In 2012 this figure dropped to $250,000. In 2013 - $300,000; 2014 - $600,000; 2015 - $340,000.
Hovsepyan has declared other sources of income. For example, he’s received $100,000 every year from 2011-2015 in loan interest.
Last year, Hovsepyan declared 185 million AMD and $1.855 million in cash.
In turns out that Hovsepyan likes fancy cars and paintings.
Last year, he purchased a Range Rover 5.0 for $120,000. In 2013, he purchased five paintings for a total of $70,000, and three for $32,000 in 2014.