10,000 Sq. M. Land Area Alienated By Illegal Decision of Ex Yerevan Mayor

10,000 Sq. M. Land Area Alienated By Illegal Decision of Ex Yerevan Mayor


During the preliminary investigation of the criminal case under investigation by the Special Investigative Service of the Republic of Armenia, data were obtained that the land plot of 10.000 sq.m., located at 2/5 Azatutyan Avenue was unjustly and illegally removed from the territory of the said park by decision of Yerevan Mayor dated on 12.03.2008.

Thereafter, according to the another decisions held against the interests of the service by the Mayor of Yerevan on 08.04.2008, the abovementioned land included in the list of restrictions envisaged by the legislation and not subject to alienation was alienated directly to Golden Palace Hotel LLC at a cadastral value of 164,760,000 AMD (i.e. 1 square meter for only 16,476 AMD).

On 29.05.2015, the aforementioned company received a loan of USD 2,800,000 from one of the commercial banks operating in the Republic of Armenia by pledging that land.

Subsequently, the amount of co-operation with the changes made in the loan agreement with a number of agreements between the company and the bank has gradually increased to 12 billion AMD, which is about 70 times the value of the acquisition of the land. A decision has been reached to institute a criminal case.



18:34 September 04, 2019


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