ARMENIA’S PRESIDENT APPOINTS DEPUTY CHAIRMAN, COUNCILOR OF SUPERVISORY CHAMBER

ARKA News Agency, Armenia
Nov 13 2007

YEREVAN, November 13. /ARKA/. RA President Robert Kocharian has signed
two decrees by which Levon Yolyan is appointed Deputy Chairman of
the Supervisory Chamber for a term of six years and Gagik Mkrtumian
Councilor of the Supervisory Chamber for a term of five years.

The RA Parliament adopted a law, December 25, 2006, on the Supervisory
Chamber, according to which the latter is an independent state body
of supervising budgetary funds, as well as state and public property.

By the law, the Supervisory Chamber also controls government
subventions, grants, privatization programs, the annual report of
the Central Bank of Armenia and management of the public debt.

The Supervisory Chamber acts on the principles of independence,
legality, objectivity and publicity.

The Supervisory Chamber consists of Chairman, Board and
Administration. The RA Parliament appoints the Chairman for the term
of six years. The Board consists of five members, appointed for the
term of five years. The Deputy Chairman is appointed for the term of
six years. RA NA Deputy Speaker Ishkhan Zakarian was appointed Deputy
Speaker of the Supervisory Chamber on November 5.