YEREVAN. – Member of Armenia’s public council accused the first president Levon Ter-Petrosyan of setting up an offshore company and money laundering.

During the Wednesday press conference, Arshak Sadoyan said Ter-Petrosyan together with former Energy Minister Sepuh Tashchyan and Communication Minister Grigor Poghpatyan were engaged in money laundering.

Sadoyan claims that 49 percent of Armentel company, which was founded in 1995, was sold to TVT, a company registered in Jersey Island. In 1998, Armentel was sold to Greek OTE International, while TVT received $85 million.