Armenian Government expected to annul sale of Karen Demirchyan Complex
In its February 11 sitting, the Armenian Government is expected to annul a decision on the alienation and sale of the Karen Demirchyan Sports and Concerts Complex. The decision to sell the state-owned complex to NTA Investment Group for $30 million was approved by the government on August 13, 2015. It turns out that the buyer - NTA Investment Group - did not pay the money in the time period prescribed by the decision. In particular, the buyer was obliged to invest more than $100 million in the structure within four years’ time. At the same time, NTA Investment Group promised to renovate the complex and turn into a family-oriented centre which would include hotels, an indoor water-park, concert halls, meeting rooms, restaurants, shops and a casino. According to press reports, the new owner of the Karen Demirchyan Sports and Concert Complex is US resident Vahak Dino Awadisian, whose name appears against a backdrop of shady financial lawsuits in the United States.
