Karen Demirchyan SCC put up at auction once again

Yerevan’s Sports and Concert Complex (SCC) after Karen Demirchyan has been put up at auction once again, this time for 11 billion 425 million 981.5 drams. The auction will last until August 11.

The starting price at the latest action was 12,695,535,000 drams.

The decision to auction the SCC was made based on the ruling of the court of general jurisdiction of Yerevan’s Kentron and Nork-Marash administrative districts, by which SCC has to pay 10,207,755,905 drams to the Republic of Armenia. The SCC building along with the adjacent area was mortgaged for the loan that its owner received from the state at one time. The owner has not fulfilled his agreement obligations. The management of SCC appealed to Armenia’s Civil Appeal Court against the decision of Judicial Acts Compulsory Enforcement Service (JACES) to auction SCC.

On July 30 JACES employees made an inventory in SCC offices, prohibiting the staff from entering SCC building. “JACES took illegal actions. It is a state racket, rather than confiscation and alienation of property,” the head of SCC’s press service Koryun Grigoryan said when commenting on the actions of JACES at Demirchyan SCC.