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File:Hamalir1-rferl.jpg The Hamalir, also known as the Sports and Music Complex (Marzahamergayin Hamalir) was opened in 1984 in Yerevan. Stairs along a cascade of fountains lead visitors to the Complex, reminiscent of the silhouette of a huge bird with open wings. The building itself has some resemblance to the Sydney Opera House of Australia.
On October 9, 2005, the complex, named in honor of Karen Demirchyan, was sold for 5,700,000 USD. The contract was signed between the Armenian government and the Russian organization BAMO. Murad Muradian, an Armenian from Moscow, and head of the BAMO holding, attempted to gain the support of Yerevan citizens who were hesitant about the privatization of the building. Two conditions were put forward by Armenian president Robert Kocharian: The name of the complex must not be changed and it must preserve its functional meaning. The organization agreed to these conditions and has taken up the commitment to make an investment of nearly 10 million dollars within 3 years.
Karen Demirtchyan Sports And Concert Complex Has New Owner
11:57 | October 7,2015 | Social
Yerevan-based Karen Demirtchyan Sports and Concert Complex has a new owner.
US citizen Dino Awadisian became the owner of the complex on September 1. On august 13, the Armenian government decided to sell the Complex for $30 million.
In September 2005, the Complex was sold to Muradyan brothers, the founders of BAMO Holding, who paid $7,5 mln for the building. In November 2013, the government sued Karen Demirtchyan Sports and Concert Complex Ltd and demanded that the Company pay 10,2 billion drams [for not fulfilling its loan commitment]. A Yerevan court upheld the appeal and in May 2014, the property of the Complex was put up for auction. As no buyer turned up for the building, it was nationalized I August of the same year.
A year later, in August 2015, the Complex was sold for $30 million.
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Key Yerevan Arena Renationalized
Armenia’s largest sports and concert arena was formally renationalized on Thursday in payment for its Russian-based owner’s debts to the Armenian government exceeding 10.4 billion drams ($25 million).
The government also announced that the sprawling property located in Yerevan will now be managed by the Armenian Defense Ministry.
The Sport and Cultural Complex, commonly known as Hamalir (Complex), was built in 1983 and became one of the modest modern Soviet facilities of its kind. It was subsequently named after Karen Demirchian, a late Soviet Armenian leader who initiated its expensive construction.
The complex comprising two large halls was sold in 2005 to the Moscow-based construction firm BAMO belonging to an Armenian-born Russian businessman, Murad Muradian. The company paid $5.5 million and pledged to spend over $40 million on its renovation.
In 2010, President Serzh Sarkisian appointed Muradian as Armenia’s ambassador to Iraq. Muradian was sacked in June amid judicial proceedings launched against Hamalir due to its failure to repay a $25 million loan extended by former Prime Minister Tigran Sarkisian’s government.
Hamalir was seized by the state Service for the Mandatory Execution of Judicial Acts (SMEJA) in late July. The SMEJA has repeatedly tried to auction off the facility since May but failed to attract buyers despite lowering its minimum asking price from 19.3 billion drams to 10.2 billion drams.
The government cited the failure of the sell-off attempts as the reason for its renationalization. But did not explain why the arena was handed over the Defense Ministry.
Koryun Grigorian, a BAMO representative, denounced the government decision as illegal, saying that his company will challenge it in Armenian courts and, if necessary, international tribunals. “After all, our investments by far exceeded the amount of the debt,” he told RFE/RL’s Armenian service (Azatutyun.am).
Grigorian also argued that the dispossessed Hamalir owner never refused to repay the debt. But he did not specify how much more time it needs for doing that.