Haykakan Zhamanak: More offshore investments in Armenia’s economy

The past nine months’ biggest investment in Armenia’s economy, about US $170 million, came from Cyprus which is known to be an offshore zone, the paper says, citing official statistics.
“Accommodation arrangement” is reported to be the justification for attracting the money, but the paper says no person or place is mentioned in the document published by the National Statistical Service. The paper claims that the “foreign investments” brought to Armenia in this way are just as an attempt by several Armenian officials and oligarchs yo hide the sources of their income accumulated in offshore companies.
Additionally, it also offers them certain tax privileges, says the paper, adding that another “foreign investment”, amounting to about US $60 million, came from a Luxemburg-based company in the reporting period.