'Registration of offshore company without permission impossible'

In connection with the recent “offshore scandal” in Armenia, RFE/RL Armenian Service asked the Attorney General of Cyprus Petros Clerides if a shareholder of an offshore company can be registered in Cyprus without the shareholder’s knowledge.

We would remind you that following the sensational article of Hetq.am alleging that businessman Ashot Sukiasian embezzled funds of Hayastan department store owner Paylak Hayrapetian via a Cyprus-based offshore company whose co-founders are also the Armenian prime minister and the Primate of Ararat Diocese of the Armenian Apostolic Church Navasard Kchoyan, Prime Minister Tigran Sragsyan made a statement that he has nothing to do with that company.

In response to the question of RFE/RL, Mr. Clerides said: “I spoke to Armenia’s Prosecutor General. He informed me about the issue a few minutes ago. I heard this for the first time. He promised to submit all the necessary documents to me before leave Armenia. I will immediately take steps and give an answer”.

Asked if it is possible to register anyone as a shareholder of an offshore company without that person’s permission, Petros Clerides said: “No. But I wouldn’t like to go into detail before becoming familiar with the documents necessary for the investigation”.

Asked if his answer means that registration is definitely impossible without permission, Clerides replied: “It is impossible, if, of course, he did not act through a proxy or in a similar way”.