American-Armenian billionaire Kirk Kerkorian is dissolving the Lincy Foundation not because he is offended by Armenian authorities, but since this decision was made long ago.

It became apparent in the beginning of 2011 that American-Armenian benefactor Kirk Kerkorian was to dissolve the Lincy Foundation which, throughout its 22-year activities, carried out over $1billion US dollars of charitable programs in Armenia. And since the Foundation was being dissolved and its remaining account of $200 million were not donated to Armenia but rather to the University of California at Los Angeles (UCLA), there were rumors that the philanthropist was offended by Armenia’s authorities.  

Kerkorian’s decision was made in advance, the Lincy Foundation’s now former Vice Chairman Harut Sassounian told RFE/RL Armenian Service. “He is satisfied with the projects and is not offended by anything. He came to Armenia once and saw with his own eyes. He is very happy, there is no discontent. He had planned many years ago that he would end Lincy Foundation’s activities one day. There was no surprise,” Sassounian noted.     

The Lincy Foundation had donated $10.5 million to the United Armenia Fund, in the Unites States, whose president is Harut Sassounian. This amount was used for the construction and furnishing of 3 schools each in Armenia’s Shirak and Lori regions.   

In the past 13 years, the Lincy Foundation has provided $45 million alone for construction in Armenia’s 1988 earthquake disaster zone and, as a result, around 3,700 apartments were constructed, as well as numerous roads, schools, and cultural facilities were renovated.