Who is the new owner of 'Golden Palace': Aravot

The hotel complex 'Golden Palace' in Tsaghkadzor has been acquired by 'Project Inter-Invest' LLC for 5 billion drams. This was announced by the Minister of Territorial Administration and Infrastructure of Armenia, Gnel Sanosyan.

'Project Inter-Invest' LLC was the sole participant in the competition. The 100% owner of 'Project Inter-Invest' LLC is Narek Nalbandyan, who acquired the company from Mayil Toroyan in December 2018, according to Aravot.am.

Narek Nalbandyan is a resident of the village of Arghel in the Kotayk region. He owns several companies with a diverse range of businesses, including the trade of building materials, auto parts, international freight transport, egg and flour production, and bottled drinking water (Nalbandyan flour), but he does not have experience in the hotel business.

For 'Project Inter-Invest,' the government had established benefits in 2019, deferring VAT for the company for three years as part of an investment program and exempting it from customs duties as part of the same scheme.

A photograph was published on the company's Facebook page in August 2021, showing Narek Nalbandyan with then Minister of Environment Romanos Petrosyan at the shores of Lake Sevan. The ministry's message on that day mentioned the works being carried out at the public beach of Lake Sevan and noted that the minister was impressed by the company's work, although it did not specify which company was in question.

The 34-year-old Narek Nalbandyan is the owner of 100% of 'Man Holding.' Last year, an administrative case was initiated against the company by the relevant department of the State Revenue Committee for not fulfilling tax obligations, resulting in a decision to collect 1,296,678 drams from the company. This company is involved in the leasing and management of its own or rented real estate and other operations.

Narek Nalbandyan is also the 100% owner of 'NN Trans' LLC, 'Nor Lusakert' (poultry factory) LLC, and 'Trax Service' LLC (a large auto service center, auto parts trade), while he holds 50% of 'Yeghvard Combined Feed' company and 51% in another company, 'Man Paints.'

Returning to 'Golden Palace,' it is worth recalling that in October 2018, the NSS initiated a criminal case against the former head of the Customs Committee, Armen Avetisyan, for illegal participation in entrepreneurial activities and money laundering of particularly large sums obtained through criminal means.

According to the criminal case, while holding the position of head of the state customs committee, Avetisyan, along with individuals with whom he had business connections, financed the construction of the 'Golden Palace' hotel complex in Yerevan with cash. Avetisyan later declared that he donated the hotel to the state. The hotel was valued at around 7 billion drams. The investigation into the above-mentioned criminal case at the NSS was terminated in 2019.