Armenian Prime Minister Nikol Pashinyan said during a government question-and-answer session in the National Assembly that confiscated illicit funds would be held in a protected account, with all interest earned allocated to pensions.

He was responding to Civil Contract MP Taguhi Ghazaryan’s question about how the Government would manage property and funds of illicit origin confiscated under various court rulings.

“Recently, we have been discussing the management of illicit or recovered property extensively. We have made a clear decision regarding the funds. We have decided that these funds will be accumulated in a protected account. Such accounts are held on deposit at the Central Bank and earn interest. All interest earned will go towards pensions. Over time, the amount accumulated in the protected account will grow, and the interest will also increase.

“There is also a discussion about whether we should sell the real estate. Our preliminary assessment is that we still need to return to this question. It is highly likely that these illicit assets will be converted into cash, which will also be accumulated in the same protected account, so that all the interest earned goes towards pension provision,” Pashinyan said.