Eduard Babayan's Assets: 10 Properties and Substantial Cash Holdings

Eduard Babayan, better known to the public as the head of the security detail for MP Gagik Tsarukyan, was elected as an MP during the elections held on December 9, 2018. He is now required to submit a declaration of property and income to the Ethics Commission for High-Ranking Officials.

According to reports from Hetq.am, Eduard Babayan has declared 10 units of real estate, including 3 apartments, 1 private house, 4 garages, and 1 public facility, along with other real estate.

The media had previously reported on Babayan's private house, which was built in Abovyan between 2012 and 2016. Babayan constructed the house illegally but applied to the municipality for legalization in March 2018. According to the decision of the Abovyan mayor, the self-constructed residential house with a total area of 931.5 square meters, along with a garage of 139.1 square meters and a fence of 59.8 square meters, has been deemed legal.

Furthermore, Babayan also engaged in illegal construction on a plot of land owned by the Abovyan community, for which he has not faced any responsibility. On the contrary, the municipality considered the constructed building to be community property and granted Babayan the priority to purchase the property.

As of the date he assumed office, Babayan declared approximately 371,000 AMD, which was his only income during that period. As for cash holdings, he reportedly has substantial sums, specifically including 101 million 235 thousand AMD, 400,530 USD, 100,540 EUR, and 1 million 69 thousand RUB.

It should be noted that before being elected as an MP, Eduard Babayan worked in the police force from 1996 to 1997, in the Ministry of Defense from 1998 to 2004, and in the Chief Directorate for the Fight Against Organized Crime of the Police (6th Directorate) from 2004 to 2018. Since 2017, he has served as an advisor to the President of the National Olympic Committee of Armenia on a voluntary basis.

This raises the question of how it is possible to accumulate such wealth while holding these positions.