Hrayr Tovmasyan's Assets

The Armenian Times has presented the assets of the President of the Constitutional Court of Armenia, Hrayr Tovmasyan, who submitted his property and income declaration to the Ethics Commission of high-ranking officials back in 2017, when he assumed the position of a member of the National Assembly.

According to the declaration submitted on June 5, 2017, Tovmasyan owns 2 apartments, 1 private house, and 1 garage. His monetary assets at that time totaled $47,000 and 80 million AMD.

On March 30, 2018, Tovmasyan submitted his annual declaration for 2017 to the Ethics Commission. During that period, he acquired 3 plots of land, each priced at 700,000 AMD. At the beginning of 2017, Tovmasyan had 85 million AMD and $50,000, while by the end of the year, those figures dropped to 70 million AMD and $45,000. In 2017, Tovmasyan had an income of 7,075,000 AMD, derived from 2 different salaries.

On May 6, 2019, President of the Court Hrayr Tovmasyan submitted his annual declaration for 2018, revealing that during the tax year, he had provided $82,000 in loans, of which $22,000 was returned during the tax year, leaving an outstanding loan amount of $60,000.

At the beginning of 2018, Tovmasyan's funds of 70 million AMD and $45,000 were reported to have decreased by the end of the year to 25 million AMD and $65,000. In 2018, Tovmasyan earned an income of 8,809,967 AMD, of which 222,994 AMD came from interest on loans, while 1,141,140 AMD and 7,445,733 AMD were generated from 2 different salaries.

Tovmasyan’s wife, Lamara Khudaverdyan, also submitted her annual declaration in March 2018. At the beginning of the year, Khudaverdyan had $20,000, and by the end of the year, her funds amounted to 8,500,000 AMD. However, if her monetary assets were indeed 8,500,000 AMD at year-end, her declaration for the previous year (2018) should have shown the same amount at the beginning of 2019, but this was not the case. At the beginning of 2018, Khudaverdyan had 7,500,000 AMD, which reduced to 7,100,000 AMD by year-end.

It is worth recalling that in December 2010, when Tovmasyan first assumed a high office as Minister of Justice, he was considered to be among the very few officials (3-5) with modest assets within the ruling circles. At that time, as reported in the corridors of power, he had just one house. However, during those years, the Ethics Commission for high-ranking officials was not yet formed, making it impossible to obtain an official understanding of Tovmasyan’s assets during that period.