Telegram channel observer 112Karen Vanetsyan, the owner of the Oleyna brand and cousin of Arthur Vanetsyan, a former head of Armenia’s National Security Service, was detained in Novy Arbat. He was placed on a wanted list on charges of money laundering linked to the purchase of shares in the Zangezur factory in Armenia. RBC confirmed the development citing two sources connected to the capital’s Ministry of Internal Affairs.
112 reports that the Moscow Main Directorate of the Ministry of Internal Affairs video monitoring group assisted in detaining Vanetsyan. During questioning, he stated that he resides in a small town in the Lipetsk region and that he is not currently employed. He added that about a year earlier he bought Oleina brand sunflower oil at half the market price. Vanetsyan remains in custody. Russia notified Armenia about the detention of the businessman.
Lawyers deny
Concurrently, Vanetsyan’s legal representatives asserted that the claim of his detention in the Russian Federation is inaccurate.
In their statement, the lawyers said, “Karen Vanetsyan is free and rumors of custody are false.”
The defenders noted that the decision to arrest him in absentia was issued in Armenia with numerous procedural concerns and was appealed to the Supreme Court, so it has not entered into force. They also argued that the Armenian prosecutor’s office charges are merely speculative.
“For a claim to be credible, there must be evidence or information confirming it. In this case, Vanetsyan’s actions are viewed as unrelated to any criminal activity. They could be general actions with no criminal implication,” the lawyers stated.
Karen Vanetsyan told RBC that she was at liberty and that there was no arrest against her.
Vanetsyan case
HABER.am, citing the press service of Armenia’s General Prosecutor, reported that on November 1, 2023 a criminal case was opened against Armenian and Swiss nationals for laundering assets obtained through crime. Sputnik Armenia referenced the same matter, identifying Vanetsyan in connection with the case.
According to investigators, on July 23, 2018 a Cypriot company bought a 12.5 percent stake in the Zangezur Copper Molybdenum Combine, the largest taxpayer in Armenia, from Zangezur Mining. The agreement, however, included terms unfavorable to ZMMC. Preliminary data suggest ZMMC was instructed to make substantial payments to the Cypriot company, which were then used to acquire the shares.
Investigators allege that the real owner of the foreign company is Vanetsyan and that Zangezur Mining is linked to Mikael Minasyan, son-in-law of former Armenian President Serzh Sargsyan, who serves as Armenia’s ambassador to the Vatican. Law enforcement officials believe a scheme was orchestrated to obscure the illicit origin and true ownership of the shares. As a result, Vanetsyan allegedly acquired an asset worth about $36 million for roughly $13 million, presenting it as legitimate property.
Armenian authorities were unable to arrest the entrepreneur while he was abroad. He was placed on a wanted list, and a petition was sent to the Anti-Corruption Court to impose preventive measures in the form of arrest.
Some Armenian activists view the case as politically motivated, a stance echoed by Artur Vanetsyan, who was removed from office following an initiative by the prime minister.
Vanetsyan’s assets
Karen Vanetsyan holds dual citizenship in Armenia and Switzerland. In 2012 she sold the Peresechansky oil facility in Ukraine to the Swiss company Glencore, obtained Swiss citizenship, and relocated to Europe. She later became the owner of Exoil Group, a large holding controlled 99 percent by SGA Holdings Ltd, a Cypriot company, with 1 percent directly owned by Vanetsyan. Exoil Group engages in sunflower procurement, oilseed processing, grain trading, port logistics, and related activities. It also acquired assets from the American company Bunge, including Oleina and Ideal, under favorable terms.
Born in Kharkiv, Vanetsyan began his business career there. After the events in 2014, he sold Ukrainian assets, including a company that issued transport cards for Kyiv’s public transport system.