Prosecutor's Office initiates criminal case over attempted sale of sports center at a price 5 times lower than its cadastral value

YEREVAN, February 20. /ARKA/. The Office of Armenia's Prosecutor General said a criminal case has been opened into an attempted sale of a sports center in Yerevan at a price 5 times lower than its cadastral value.

According to the prosecutors, the director of the National Team Sports Center CJSC, who held the position from 2003 to December 2, 2019, established in 2007 and registered Olympic Future LLC in the name of an affiliated person on.

He then transferred to a second company a 6580.8 square meter center and a 1.1807 hectare land plot with management rights.

From May 23, 2007 to June 30, 2019, the Olympic Future LLC received income of AMD 110.5 million from the lease of the property, of which AMD 56.1 million were transferred to National Team Sports Center CJSC.

Besides, the director of this company, being the owner of Eastern Oasis LLC, since November 24, 2000, carried out entrepreneurial activity in one of the buildings, providing services in a cafe and a hotel.

The lease agreement stipulated that the tenant had the right to buy out the property by paying 56.1 million drams. It was sold then to the director's wife.

On February 7, 2024, a criminal case was opened against the director of the company on charges of abuse of official powers, attempted fraud and forgery of documents.

On February 15, 2024, the prosecutor approved the indictment against the director of the company and his wife and sent it to the court together with the case.-0-.