Although the Armenian government has dissolved the Armenian National Interests Fund (ANIF) and its subsidiary, Entrepreneur+State Anti-Crisis Investments Manager CJSC, continues to function — there is no decision to dissolve it, the State Property Management Committee told Azatutyun, the RFE/RL’s Armenian service.

Entrepreneur+State Anti-Crisis Investments Manager CJSC, which was the main company carrying out ANIF’s investments, currently has seven employees — including an acting director, accountants, legal advisers, and a monitoring specialist. The CJSC remains a shareholder in eight companies, as well as one investment fund.

In fact, while the Armenian government has admitted that ANIF’s activities were a “failure and disgrace,” it still retains its shares in these eight portfolio companies — investments, some of which were controversial.

The Armenian government decided to dissolve ANIF in May 2024, but only on October 16, 2025, was it recorded in the state registry of legal entities that the company is in the process of liquidation.

Notably, throughout this entire period — about a year and a half — ANIF continued to employ a director, a senior accountant, and a legal adviser. The State Property Management Committee stated that they worked part-time, but did not to disclose exactly how much they were paid. From the correspondence with the Committee, only one thing became clear: in February 2025, one of the employees of the dissolving company even received a bonus of 250,000 drams.