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VICTIMS OF HOUSING FRAUD TO HOLD A PROTEST ACTION
by Erik Abrahamyan
Thursday, November 14, 21:17
A group of the victims of a housing fraud by Tonus Construction LLC
and Artsakh Bank are planning a protest action in front of the bank's
Nairi Branch in the center of Yerevan on Saturday morning.
In 2006 Tonus Construction made a deal with almost 700 people to build
for them apartment houses in Yerevan's Davidashen and Arabkir community
by 2008 but kept exceeding deadlines until the owners learned that
their houses were given to Artsakh Bank as a security for a $6mln loan
and later arrested by the bank because of the borrower's inability
to repay the money.
As a result, those people have lost their ownership rights to the
houses and are not allowed even to approach them, while the owner
of Tonus Construction, former MP from Prosperous Armenia Party Ashot
Tonoyan says that he cannot help them as he is bankrupt.
On Thursday a group of the cheated owners gathered in front of Artsakh
Bank's Nairi Branch to claim their apartments back.
One of them told ArmInfo that the bank is ready to give their houses
back if they add $300 per sq m to the $600 they have already paid
to Tonus Construction. The people are ready to add $50 but not $300
as for $900 per sq m they might have as well bought apartments much
closer to the center.
Earlier the press service of Artsakh Bank said that they were not aware
that the apartments were sold. Nor did they know that the buyers had
already paid money for the houses - for in its pledge agreement with
the bank Tonus Construction said nothing about those people.
But the owners claim that the bank was aware as it was though them
that they made their payments for the flats.
ArmInfo called Nairit Branch but their employee refused to comment
on the situation saying that he could do it only given the consent
of his managers.
http://www.arminfo.am/index.cfm?objectid=18920E20-4D59-11E3-B3560EB7C0D21663
by Erik Abrahamyan
Thursday, November 14, 21:17
A group of the victims of a housing fraud by Tonus Construction LLC
and Artsakh Bank are planning a protest action in front of the bank's
Nairi Branch in the center of Yerevan on Saturday morning.
In 2006 Tonus Construction made a deal with almost 700 people to build
for them apartment houses in Yerevan's Davidashen and Arabkir community
by 2008 but kept exceeding deadlines until the owners learned that
their houses were given to Artsakh Bank as a security for a $6mln loan
and later arrested by the bank because of the borrower's inability
to repay the money.
As a result, those people have lost their ownership rights to the
houses and are not allowed even to approach them, while the owner
of Tonus Construction, former MP from Prosperous Armenia Party Ashot
Tonoyan says that he cannot help them as he is bankrupt.
On Thursday a group of the cheated owners gathered in front of Artsakh
Bank's Nairi Branch to claim their apartments back.
One of them told ArmInfo that the bank is ready to give their houses
back if they add $300 per sq m to the $600 they have already paid
to Tonus Construction. The people are ready to add $50 but not $300
as for $900 per sq m they might have as well bought apartments much
closer to the center.
Earlier the press service of Artsakh Bank said that they were not aware
that the apartments were sold. Nor did they know that the buyers had
already paid money for the houses - for in its pledge agreement with
the bank Tonus Construction said nothing about those people.
But the owners claim that the bank was aware as it was though them
that they made their payments for the flats.
ArmInfo called Nairit Branch but their employee refused to comment
on the situation saying that he could do it only given the consent
of his managers.
http://www.arminfo.am/index.cfm?objectid=18920E20-4D59-11E3-B3560EB7C0D21663