Who owns the Sports and Concerts Complex?

Earlier Iravaban.net informed that in summer 2015, the Government alienated Sports and Concerts Complex to the newly established “NTAA Investment Group” Ltd. Later it turned out that the only shareholder of the company is Vahak Dino Awadisian, a citizen of the USA, who was wanted by Alabama law enforcement agencies on charges of financial crimes.

As a result of our consistent efforts it became known that the sale and purchase agreement has not entered into force because the payment was not made. To our inquiry who the current owner of the Sports and Concerts Complex is and whether the sale and purchase agreement has been canceled, we receive the following reply from the RA Government Staff:

“According to Paragraph 3 of the RA Government Decision N 935-A, of 13 August 2015, the Agreement shall enter into force in case of making the first payment. Considering the fact that the payments were not made, consequently the agreement has not entered into force and no change of the property owner has taken place. Thus, the Republic of Armenia is still the owner of property.

With regard to considering the agreement null and void, there is no such need based on the requirement of Paragraph 3 of the same Decision, which provides that the agreement could enter into force and arise rights and obligations for the parties only in case of making corresponding payments provided in the agreement, which has not occurred, thus the agreement has no legal effect.”

As for the question whether changes are expected in the RA Government Decision N 935-A of 13 August 2015 (the property was alienated according to this decision), they replied, “The public would be informed in case of any amendments to the Decision N 935-A of 13 August 2015.”

The full article on alienation of the Sports and Concerts Complex is available here.

Iravaban.net

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