HAYKAKAN ZHAMANAK: HIGH-RANKING OFFICIALS INVEST SUMS IN OFFSHORE ZONES

Tert.am
31.03.12

The amounts invested in Armenia's economy from off-shore financial
zones increased by around seven times in 2011, the paper says, citing
the National Statistical Service's data unveiled yesterday.

While in 2010, the investments from Virgin Islands, Luxemburg and
Liechtenstein totaled $6.8 million, in 2011 they increased to $42
million, of which $ 32 million was invested in mining, it says further.

"That means the sums were invested by high-ranking officials who
preferred off-shore zones not to make their names public and not to
lose their capital. But that is said to be of no help as the investor
will be found if properly looked for. It is just necessary to search,"
the paper comments.