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Tirayr Muradyan

Criminal Investigation Launched Into Sale of Yerevan Sports Complexes

Armenia’s Prosecutor General’s Office has launched criminal proceedings into the recent sale of two Yerevan sports complexes following Hetq coverage of the transactions.

Yerevan’s Spartak football stadium, the second oldest football venue in Armenia, was recently sold to an outfit called Eco Petrol LLC for five billion AMD (US$ 12.3M), less than its six billion-dram market value.

Eco Petrol LLC then purchased a Soviet-era sports complex in the Armenian capital that once served as a training center for wrestlers and boxers.

Both sports complexes belonged to the Armenia Sports Union NGO and were sold without any tender bids.

Prior to both sales, Standard Petrol owner Arsen Hovhannisyan made his way onto the NGO’s board and facilitated the sales to Eco Petrol, a company founded by his son Arsen.

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