Armenia’s government takes over Sports and Concert Complex for outstanding debt

Armenia’s government takes over Sports and Concert Complex for outstanding debt

YEREVAN, August 21. /ARKA/. The Sports and Concert Complex after Karen Demirchyan has been transferred to the government of Armenia against the outstanding debt, deputy minister of finance Pavel Safaryan said at a government meeting on Thursday.

The government made a decision to take measures for taking over the property.

The company’s loan debt to the government is 10 billion 207 million drams (about 25mln dollars); other liabilities bring the total debt to 10bln 400mln drams (25.5mln dollars), Safaryan said.

The deputy minister said the bailiff service proposed to make the inventory and register the ownership rights for the complex with the ministry of defense.

The writ of execution from the first instance court of Centre and Nork-Marash districts said earlier the Sports and Concert Complex closed joint stock company had to pay 10,207,755,909.51 drams (about 25 mln dollars) to the Republic of Armenia budget. 

On April 15 2014 the bailiff service decided to commission an expert evaluation. Experts assessed the property at 25.8 billion drams (about 63.3mln dollars), and the bailiff service made a decision on forced sale through an online auction. The starting price was set at 75% of the assessed value, i.e. at 19.35 billion drams (47.4mln dollars).

There are other proceedings for enforcement against the Sports and Concert Complex worth a total of 511,992,968 drams. 

Total area of the Complex is 46,335.7 square meters, without additional premises and the swimming pool. There are 95,595.87 square meters of dwelling area in the territory. The lot is a secured property. 

The complex was put up for a forced auction six times, but has not been sold. No bid was offered on the last auction (ended on August 21) either.

The Sports and Concert Complex after Karen Demirchyan was built in 1983. In October 2005, the Complex was sold to BAMO Russian construction holding for $5.7 million. The holding obliged to reconstruct the complex. The reconstruction took almost three years and cost about $42 million. 

The Sports and Concert Complex after Demirchyan is considered a masterpiece of the late Soviet architecture. ($1= 407.74drams). –0--

14:48 21.08.2014

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