Although the Armenian government officially dissolved the Armenian National Interests Fund (ANIF) in May 2024, its main investment arm, the “Entrepreneur+State Anti-Crisis Investment Manager” CJSC, remains active. The State Property Management Committee confirmed to RFE/RL that there are currently no plans to dissolve the company.
The subsidiary, which managed ANIF’s investments, employs seven staff members, including an acting director, accountants, legal advisors, and a monitoring specialist. It remains a shareholder in eight companies and one investment fund.
Despite acknowledging ANIF's operations as a "failure and disgrace," the government continues to hold shares in multiple portfolio companies, some of which have been controversial. One such investment was into CF W LLC, which received over 1.5 billion drams shortly after being founded, supposedly to develop cybersecurity capabilities in Armenia. That project failed, and CF W’s director, Karine Andreasyan, a friend of Yerevan Mayor Tigran Avinyan’s wife, faces criminal charges.
Another investment of nearly 960 million drams was made into Berrymount LLC, intended to build a strawberry greenhouse. Its owner is Dmitry Alekseyenko, a former classmate of Tigran Avinyan.
A separate 797 million dram investment went into Apaga Projects in Yenokavan, Tavush Province. Following the investment, co-owners of Apaga accused the managing CJSC of mismanagement and obstruction. The company is now in bankruptcy proceedings.
An additional 277 million drams went into Dom Arena for opening a Hard Rock restaurant in Yerevan, an investment the International Monetary Fund flagged as questionable in 2023 due to the use of public funds in the food and entertainment sector.
Despite RFE/RL’s efforts over recent months, the State Property Committee has refused to release shareholder agreements or financial reports related to these investments. It claimed legal review is required to determine whether such disclosures would violate third-party rights.
The government only officially registered ANIF’s dissolution with the legal registry on October 16, 2025, almost 1.5 years after its initial decision. During that time, ANIF continued to employ a director, a senior accountant, and a legal advisor, albeit part-time. The State Property Committee did not disclose their exact salaries, though one employee of the subsidiary received a 250,000 dram bonus in February.
