Interim director of the Hayastan Fund Bedros Terzian (left) with Artsakh President Bako Sahakian on Wednesday

STEPANAKERT—Haystan All Armenian Fund interim director Bedros Terzian on Wednesday met with Artsakh President Bako Sahakian to discuss the fund’s activities and future projects.

Terzian replaced the embattled Ara Vardanyan, who was taken into custody after admitting to use the organization’s funds for online gambling and personal purposes.

In a statement to the fund’s donors last week, Terzian assured that the Hayastan Fund continues its normal activities, adding that there are nearly 60 projects underway.

In the statement, Terzian also discussed the controversy created by Vardanyan’s actions.

“As a result of discussions it turned out that the funds which have been used through the credit line by the former director for personal goals were returned in brief periods of time, thus going unnoticed by auditors. Nevertheless, vulnerabilities emerged in the supervision system of the fund’s accounts. Therefore I have demanded to immediately launch additional control and alert measures to eradicate these vulnerabilities,” said Terzian, adding that in September they will discuss candidates for a permanent director.
“Dear donors, during the past 26 years the Hayastan All Armenian Fund operated with transparency and accountability, in accordance to international standards. Projects of enormous scales have been implemented,” said the statement

“I am convinced that the fund will overcome this moment of distress with the support of its donors, will take necessary innovative measures and reforms and will be able to undertake greater and more important projects for the populations of Armenia and Artsakh,” added Terzian in his appeal to donors.