• Auction of Karen Demirchyan Sports and Concert Complex is illegal

    The e-auction of the Karen Demirchyan Sports and Concert Complex is illegal and in rough violation of a number of rules.

    The complex has not been  properly evaluated as a historical-cultural monument, with the Judicial Acts Compulsory Enforcement Service of the Ministry of Justice refusing to provide an assessment report.

    The two shareholders of Best Reality Ltd registered as an offshore company under the name of Panama World Center 0832, submitted to the Compulsory Execution Service an evaluation of 25.8 billion Drams which does not correspond to reality.  There are not any evaluation criteria for determining the price of the historical-cultural monument. A comparative method would reveal the type of property the Sports and Concert Complex’s building has been compared with. According to the Ministry of Culture a corresponding commission of specialists should be set up to determine the market value of the historical-cultural monument.

    Anyway, the organization winning the tender is to make the actual payments and pay off the accumulated loan debt.

    On May 13, 2014, we reported the General Prosecutor’s Office that employees of the Judicial Acts Compulsory Enforcement Service are abusing official positions. Since the court decision has not entered into force yet and is still under consideration at the Appellate Court, the Judicial Acts Compulsory Enforcement Service relied on a decision of a lower court and put up the Complex to an e-auction, reports the Public Relations and Information Department of the Karen Demirchyan Sports and Concert Complex.

     

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