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Sports and Concerts Complex falls in price

  • by Karina Manukyan

  • Wednesday, June 18, 09:14

The Karen Demirchyan Sports and Concerts Complex in Yerevan has been put up to auction again. 
Now the starting price of the lot is 15,673,500,000 AMD. In early June 2014 the starting price was 17,415,000,000 AMD, and in May 2014 - 19,350,000,000 AMD.

Neither of the auctions took place due to the lack of applications. Applications for the third auction can be submitted from June 17 to June 27. 

Earlier the Judicial Acts Compulsory Enforcement Service of Armenia (JACES) reported that in accordance with the order of enforcement submitted to JACES by the fist instance court of Kentron and Nork-Marash administrative districts, over 10.207 billion AMD was to be collected from the Karen Demirchyan Sports and Concerts Complex in favor of the Republic of Armenia. The debtor's property appraisal was examined on 15 April 2014.  

In the meantime, on May 21 the PR Department of the Sports and Concerts Complex disseminated a statement saying that the e-auctions launched by JACES were "illegal". The company disagreed with the market price (25.8 billion AMD) estimated by Best Realty LLC registered in the offshore zone in Panama. 

The Karen Demirchyan Sports and Concerts Complex accuses JACES employees of office abuse, because the court's verdict has not yet come into force and is currently being considered by the Court of Appeal.    

To note, the total area of the Complex (built in 1983) is 46335.7 sq.m., exclusive of the subsidiary facilities.  In 1985 the building of the Complex was damaged by a fire and opened only after renovation in late 1987. The building was renovated by BAMO construction company (Russia). 

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