Avinyan’s “Velvet Lifehack”: From Revolution to Millions

What is so good about the era of so-called “velvet revolutions”? They quickly free people from illusions. Before the slogans about a new morality and transparency have even died down, old practices that have stood the test of time emerge once again: power is transformed into resources, resources into money, and money into assets. And all of this under the cover of formally impeccable asset declarations.

Tigran Avinyan’s case is particularly illustrative in this regard. Following the events of 2018, his political rise resembles a textbook example of a meteoric career: from a member of the Yerevan Council of Elders straight to the position of deputy prime minister, then deputy mayor, and subsequently mayor of the capital. At the same time, from 2019 to 2023, he served as chairman of the board of the ANIF Foundation, an institution that almost immediately after its launch found itself at the center of corruption scandals. Coincidence? Possibly. However, in stories like these, coincidences tend to be systemic.

Now let us turn to the numbers, which, unlike political statements, have the unpleasant habit of telling the truth. According to Tigran Avinyan’s 2023 declaration, the funds in his bank accounts increased from AMD 1,890,731 to AMD 16,645,282. Over the course of a single reporting period, this represented an almost ninefold increase. His cash holdings show the same dynamic. If at the beginning of the year they amounted to USD 3,000 and AMD 12,500,000, by the end of the year they had reached AMD 17,800,000.

His annual income amounted to AMD 45,403,342, of which:

• AMD 20,073,342 — salary from Yerevan Municipality.
• AMD 11,300,000 — income from cryptocurrency activities through the Poolin platform.
• AMD 14,030,000 — proceeds from the sale of property.

Property is a separate issue. The declaration lists a residential house in Yerevan with outbuildings, which was under his possession for more than 90 days during the year. At the same time, the details of the transaction are absent. That same year, a garage was sold for AMD 14 million, which he had received as a gift back in 2014. The sale was carried out through an entity connected to “Zeytun Construction” and the “Office for the Implementation of Yerevan Construction Investment Programs.”

The car — a 2021 Volkswagen — also became his property as a result of a gift received in 2022. In other words, a significant portion of the assets was formed not through conventional market mechanisms but through gratuitous transfers, which in itself warrants particular attention.

The cryptocurrency portfolio is of particular interest: Bitcoin, Ethereum, and ADA Cardano.

The AMD 11.3 million in income received from the Poolin mining platform is not merely an “experiment with new technologies,” but a full-fledged financial flow. For a high-ranking official in office, this is, to put it mildly, an atypical activity.

The family side of this financial-economic structure is no less noteworthy. The mayor’s wife, Mariam Pahlavuni, has been a 34% shareholder of “Lav Products” since 2021 and simultaneously serves as its director. Since 2023, she has also owned a 50% share in “Barur Toys” (formerly “Oror Toys,” which was later renamed “Baruri”), again holding the position of director.

Her declaration contains a similar set of assets: a residential house that was under her possession for more than 90 days during the year, and a 2017 Range Rover acquired in 2020. Her bank deposits include three deposits totaling AMD 44,500,000, plus AMD 1,300,000 in cash.

Mariam Pahlavuni’s income in 2023 amounted to AMD 47,365,000, of which:

• AMD 865,000 — salary from “Barur” company.
• AMD 4,500,000 — a loan from her mother.
• AMD 42,000,000 — a loan from Tigran Avinyan’s father.

The total outstanding balance of the loans amounts to AMD 46,500,000. In other words, the main source of financial inflows is not the underlying business activity itself, but intra-family financial transfers.

As a result, a familiar picture emerges, down to the smallest details. Formally, everything has been declared, the figures have been presented, and the sources have been indicated. However, when the growth of assets, monetary holdings, and the property portfolio coincides chronologically with advancement in official positions, it is no longer a matter of accounting, but of an unpleasant reality.