Armenia Post loses about amd 2 billion (GBP 2.9 million)

HayPost (Armenian Post) said yesterday it has lost more than AMD
2 billion (GBP 2.9 million) in past years due to systemic violation of vehicle fleet
management procedures. It said it asked police to 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.

“HayPost” CJSC is the national postal operator of the Republic
of Armenia operating through its 900 post offices throughout
Armenia. Today HayPost is undergoing a number of organizational and
operational changes with the purpose to ensure sustainable efficient
services and serve its customers more proficiently.

In compliance with the agreement signed on November 30, 2006 with
the Government of Armenia, the Dutch HayPost Trust Management B.V. is
currently responsible for the operational management of the Armenian
national postal operator with the objective to strengthen HayPost as
a viable and credible postal and financial service entity, meeting
all international postal and bank standards.