by Arthur Yernjakyan
The Yerevan Karen Demirchyan Sport and Concert Complex has been pawned and put up for auction for 19.350bln AMD or $46.8mln. The auction will last till May 29.
The Judicial Acts Compulsory Enforcement Service has refused to inform ArmInfo who the complex has been pawned to. The total area of the complex is 46,335 sq m.
In Aug 2005 the Armenian Government decided to sell the complex to the BAMO company from Russia for 2.565bln AMD or $5.343mln. The owner promised to invest 4.275bln AMD or $9mln in the following three years but failed to do it and in 2006 the contract was terminated.