Hayastan All-Armenian Fund’s executive director Ara Vardanyan has submitted his resignation application to President of Armenia Armen Sarkissian.
The Armenian National Security Services arrested him and the released him two days later. He confessed to misappropriating the organization’s funds. He testified that he had personal cash infusion into the Fund to cover up the missing money.
Ara Vardanyan gas submitted his resignation application in connection with the charges against him. According to the procedure, the application will be submitted to the members of the Board of Trustees for approval, after which a special commission will be set up which will elect the new executive director of the Fund based on the competition.
In connection with the current situation linked with the Fund, President Sarkissian believes that since the birth of the third Republic the Fund has implemented important and useful programs by uniting national and spiritual structures, philanthropists, and hundreds of thousands of individuals. Therefore, the Fund has still a mission to conduct in the life of Armenia, Artsakh, and Diaspora. Therefore, President Armen Sarkissian hopes that the Hayastan All-Armenian Fund will overcome this experience and will get out of it as a new one, worthy of aspirations challenges of new Armenia.
The Armenia Fund issued a statement on this happening on July 5th, 2018 stating”:
“All of us are deeply saddened by the arrest by the arrest of Ara Vardanyan, the Executive Director of Yerevan based Hayastan All Armenian Fund, on allegations of abuse of authority by misusing the organization’s credit card for personal purposes. However, as it appears now, no donor Funds have been affected and the misused funds have been fully recovered.”
On this sad occasion, the Hunchakian, Social Democratic Party resigned from the Board of Directors of the Armenia Fund.