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HAMALIR DISPUTE: COURT SUSPENDS CONTROVERSIAL AUCTION OF DEMIRCHYAN COMPLEX
NEWS | 27.06.14 | 13:09
http://armenianow.com/news/55627/armenia_sport_concert_complex_hamalir_auction_cour t
RELATED NEWS
Passions Over Hamalir: Demirchyan Complex auction attracts no buyer yet
An appeals court on Thursday suspended a controversial auction
announced for the Karen Demirchyan Sport and Concert Complex in
Yerevan granting the claim of the facility's owners that the procedure
initiated by the bailiffs is unlawful.
The Service for the Mandatory Execution of Judicial Acts (SMEJA)
of Armenia's Ministry of Justice first put up the Complex, known as
Hamalir, for action in May. It said its owner had failed to repay
his debts to the state budget running into tens of millions of dollars.
The bidding price for the building was first set at 19 billion, 350
million drams (about $47.2 million), but it was reduced by 10 percent
after the offer failed to attract bidders during the first 10 day. A
fresh auction for the Hamalir was to have been announced on June 27,
but it was suspended after the court's decision.
The Demirchyan Complex had challenged the SMEJA-announced electronic
auction as unlawful, insisting that it violated some legal provisions
relating to the agency itself.
The Hamalir auction had also raised concerns among some architects and
the general public regarding possible alterations of the building's
external appearance in case of its sale.
The seven-storied Complex was built in 1983. It is situated on a total
area of 46335.7 square meters and includes other auxiliary structures
and territories.
The Hamalir, which has become of one Yerevan's architectural landmarks
in the past three decades, is also located in a territory adjacent
to Tsitsernakabert, a hilltop memorial to the victims of the 1915
Armenian Genocide.
NEWS | 27.06.14 | 13:09
http://armenianow.com/news/55627/armenia_sport_concert_complex_hamalir_auction_cour t
RELATED NEWS
Passions Over Hamalir: Demirchyan Complex auction attracts no buyer yet
An appeals court on Thursday suspended a controversial auction
announced for the Karen Demirchyan Sport and Concert Complex in
Yerevan granting the claim of the facility's owners that the procedure
initiated by the bailiffs is unlawful.
The Service for the Mandatory Execution of Judicial Acts (SMEJA)
of Armenia's Ministry of Justice first put up the Complex, known as
Hamalir, for action in May. It said its owner had failed to repay
his debts to the state budget running into tens of millions of dollars.
The bidding price for the building was first set at 19 billion, 350
million drams (about $47.2 million), but it was reduced by 10 percent
after the offer failed to attract bidders during the first 10 day. A
fresh auction for the Hamalir was to have been announced on June 27,
but it was suspended after the court's decision.
The Demirchyan Complex had challenged the SMEJA-announced electronic
auction as unlawful, insisting that it violated some legal provisions
relating to the agency itself.
The Hamalir auction had also raised concerns among some architects and
the general public regarding possible alterations of the building's
external appearance in case of its sale.
The seven-storied Complex was built in 1983. It is situated on a total
area of 46335.7 square meters and includes other auxiliary structures
and territories.
The Hamalir, which has become of one Yerevan's architectural landmarks
in the past three decades, is also located in a territory adjacent
to Tsitsernakabert, a hilltop memorial to the victims of the 1915
Armenian Genocide.