“Dissolution of Lincy Foundation was politically motivated”
Dissolution of the Lincy Foundation was predictable, according to economist Bagrat Asatryan.
"It was a political decision taken by the U.S. authorities and not by Kirk Kerkorian, the founder of the Lincy Foundation. America has changed its attitude towards Armenia. The country's rating is dropping overseas," said the economist.
The foundation has not implemented new programs in Armenia since the deadly clashes of March 2008.
"Armenia is a country where citizens' freedoms and rights are restricted and violated. Armenia is a country where people are killed and executed. Let us take the events of March 1 as an example. No one has been brought to court to date for the death of the ten victims. Americans think, "Once Armenians do not care for their country, why should we care for them?" said Mr. Asatryan.
The economist says that Armenian authorities are only worried about "enriching their pockets."
"The Lincy Foundation has greatly contributed to the development and establishment of the Armenian economy," Asatryan concluded.
Of all the programs carried out by Diaspora organizations, those conducted by the Lincy Foundation are the largest and longest running. The foundation has implemented numerous charitable programs in Armenia since 1999.
The Lincy Foundation was established in 1989 to benefit charitable organizations in the U.S. and around the globe. Since it began, it has made major gifts of over $1.1 billion to schools, hospitals, scientific research projects and other charitable endeavors. The Lincy Foundation has also generously supported Armenian charities in the United States, as well as endeavors in the Republic of Armenia.
The Foundation will be transferring all of its assets (valued at approximately $200 million) and its charitable programs in progress to the Dream Fund at UCLA, as an expression of hope that other private foundations, wealthy individuals and businesses will join with UCLA and Lincy in this endeavor. Upon receipt of requisite government approval, The Lincy Foundation will complete this gift and terminate its operations.
