Armenian Government Expected to Annul Sale of Karen Demirchyan Complex

Karen Demirchyan Sports and Concerts Complex.
Karen Demirchyan Sports and Concerts Complex.

Karen Demirchyan Sports and Concerts Complex.

YEREVAN (A1 Plus News) — 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 center 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.

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