HAYPOST LOST MORE THAN AMD 2 BILLION
Largir, Armenia
Aug 29 2007
HayPost lost more than AMD 2 billion in past years due to systemic
violation of vehicle fleet management procedures. Police will
investigate into potential fraud and embezzlement.
Based on the results of internal investigation into the management and
operations of the vehicle fleet department of HayPost, the company
revealed serious violations of working procedures by a large number
of employees and officials of HayPost supposedly involving fraud and
embezzlement, and inflicting significant losses on the company. This
concerns procurement and usage of petrol, usage of vehicles, and
repairs and maintenance of vehicles.
Apparently the system of fraud and mismanagement has been in place
for at least the last five years. The company applied to the law
enforcement authorities to investigate the matter and proceed
accordingly.
This is the result of the Dutch Trust Management and the subsequent
executive management changes of the company undertaken in July, 2007,
aimed at creating an image of impartial, transparent accountable and
reliable company.