Epress.am News from Armenia
The Judicial Acts Compulsory Enforcement Service of the RA Ministry of Justice has put up for auction [AM] the Karen Demirchyan Sports and Concerts Complex. The starting bid for the building is 19 350 billion AMD (about $48 million USD). The bid notice states that the sport and concert complex is loan collateral.
Hetq.am recalls that the Karen Demirchyan Sports and Concerts Complex was sold to the Muradyan brothers in 2008, of whom Murad Muradyan has been Ambassador Extraordinary and Plenipotentiary of the Republic of Armenia to Iraq since 2010. He is also the founder of the company BAMO. By a decision of the Armenian government, the sport and concert complex was sold for $5.7 million, but BAMO was obligated to make $7–9 million investments.
However, the sport and concert complex is put up as collateral so that the Muradyan brothers can take out a loan in the name of another company, as a result of which the building passes over to the management of the RA Ministry of Defense.