ArmInfo.Yerevan's Sport and Concert Facility after Karen Demirchyan has been sold to a certain NTAA Investment Group LLC for US$30 million - a price half as much as the market cost of that great and multifunctional mega-facility, a specialist in real estate told ArmInfo on condition on anonymity. He recalled last year's independent examination by Best Realty, the international valuation company that estimated the property of the facility at US$45 million. Hence, inclusive of the architectural and cultural goodwill, the lowest fair price of the facility was US$50-$52.
The expert explains such a big discount for the buyer either as an acute need in immediate replenishment of the country's budget or, which is more probable, as certain arrangements. The last option is more probable at least because the buyer company NTAA Investment Group is a "dark horse" registered in the State Register of Legal Entities of Armenia just a month ago. It turns out that the huge
specialized facility was sold to a company existing on paper only and having no experience in management of such projects.
Although the official statements on the sale of the facility point at many-million investments, but they keep silent on what is more important - the name of the deal's main beneficiary. It is not for the first time that Armenia faces such kind of deals. For instance, the country's communication system was sold to an unknown company, which earned much from that deal and created many problems for the population. Another example of such deal was the sale of the Nairit Chemical Plant's shares to a certain 'foreign investor.' It is noteworthy that the founder of the company - the new owner of the Sports and Concert Facility is a private, certain Armen Z. Gevorgyan, who is a citizen of Armenia. Yet, this person is not included in the electoral registers. One can suppose that his Armenian citizenship was registered simultaneously with the registration of the company. In addition, no one in the small Armenia knows a person with such name able to pay US$30 million and invest another US$100, unless he
is an Armenian Koreiko (a Soviet underground multi-millionaire, a hero of The Twelve Chairs novel by Ilya Ilf).
Anyway, the expert said, Armenia falls into the same trap again by choosing investors that will not give any benefit to the country's investment image. "Maybe, everything is not that bad and the promised
US$100 million investments in the development of the facility will become real and brush away all the questions after a while. Maybe:" he said.
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