In the scope of the powers of initiating a claim on the protection of state (community) interest the Department of State Interests Protection of the Prosecutor General’s Office examined documents related to the privatization process of the property belonging to “Sport Complex Hrazdan” State Closed Joint-Stock Company.  

As a result of the examination it was found out that under the lease agreement, concluded in 2001, the property, buildings, constructions and territories (Hrazdan sport complex and its constructions with the surface of 62 thousand m² and the land plot with the surface of 14 ha located at 4 Hrazdan Gorge, city of Yerevan) belonging to “Sport Complex Hrazdan” State Closed Joint-Stock Company were transferred to “Sport Complex Hrazdan rental enterprise” Closed Joint-Stock Company (hereinafter referred to as “the Company”).

 Part of the leased property, that is the land plot with the surface of 10,4443 ha and the buildings with the surface of 61,660,3 m² (the sport complex, “Hrazdan” stadium) were alienated to the lessee—“Sport Complex Hrazdan rental enterprise” Closed Joint-Stock Company in the form of a direct sale pursuant to decision №1333-N of the Government, dated July 22, 2004. The sales price of the property was defined AMD 87 million 520 thousand (there is no substantiation of such price in the materials of the examination, and the proposal submitted by the Minister of Finance and Economy on carrying out the valuation of the property by an independent appraiser in order to define the most realistic price was not taken into consideration).

 The decision of the Government was based on the data submitted by the State Property Management Department, pursuant whereof investment in the amount of more than USD 900 thousand had already been made in the scope of the lease agreement concluded in 2001. However, pursuant to the data received from the State Property Management Committee in the scope of the examination carried out by the Prosecutor General’s Office there is no data on the investment in the amount of USD 900 thousand made by the Company during 2001-2004, there is no data on such investment in the balance sheet of “Sport Complex Hrazdan” CJSC, there is also no act or written information on making a capital investment submitted by the lessee to the lessor.

By the decision of the general meeting of the Company of January 7, 2005, A. A. shareholder of the same Company assumed the obligations (making an investment in the amount of USD 2 million until 2009) undertaken by the Company under the property privatization contract concluded in 2004 (the State Property Management Department considered the investments made by A.A. accepted).

 In 2010 the Company was renamed “Hrazdan Central Stadium” Closed Joint-Stock Company and afterwards “Europark” Trade Center Open Joint-Stock Company and “SOLIDUS” Closed Joint-Stock Company were separated therefrom.

By the decision of the Court of General Jurisdiction of Kentron and Nork Marash administrative districts of the city of Yerevan of 2015, “Hrazdan Central Stadium” Closed Joint-Stock Company was recognized bankrupt and a liquidation proceedings was initiated against the company in 2019.

Taking into consideration the fact, that based on the unreliable data submitted by officials, “Hrazdan” stadium having AMD 11 billion 558 million market value at that time and AMD 16 billion 127 million 253 thousand cadastral value approximated to the market value at present was sold only for AMD 87 million 520 thousand, the prosecutor submitted a report on the crime to the Anti-corruption Committee. 

On February 10, 2024 a criminal proceedings was initiated in the Anti-corruption committee under point 2 of part 2 of article 441 and part 2 of article 445 of the Criminal Code.