New Owner of 'Golden Palace' Acquires Another Luxury Property

The newspaper 'Zhoghovurd' reports: Narek Nalbandyan, known for his acquisition of the luxurious 'Golden Palace' hotel, has purchased yet another eye-catching property. He has acquired a lavish villa located on Freedom Avenue (at the top of the Monument) belonging to former Prime Minister Hovik Abrahamyan. The architectural design of the villa resembles that of the National Assembly of Armenia. The transaction took place on March 1 of this year. Nalbandyan's family paid 48 million drams for the villa, with the remaining sum of 2.452 billion drams to be paid by August.

It should be noted that Nalbandyan acquired not only Abrahamyan's luxury villa but also the renowned hotel in Tsaghkadzor through a 'closed' arrangement, agreeing with authorities to pay 1 billion drams annually for the 'Golden Palace'. This type of 'closed' deal allowed nearly every citizen of Armenia to potentially acquire the hotel, as it would be unlikely that the hotel would not generate corresponding income after being properly managed.

Who is this wealthy businessman unknown to the public? In addition to engaging in the import of cement, mixed feeds, and construction materials, he also effectively manages the 'Shirak' poultry factory. His name has only started to come up in the last 2-3 years. According to information obtained by 'Zhoghovurd', Narek Nalbandyan is a former police officer and investigator who has been using his previous professional skills to maneuver the market, often undermining other players. For instance, egg-producing companies have attributed the observed drop in egg prices to him, which is expected to lead to artificial inflation and the strengthening of monopolistic positions. This maneuvering led to the closure of the 'Lusakert' poultry factory.

Our sources indicate that Nalbandyan has become close to certain circles within the revolutionary, anti-corruption government, allowing him to resolve his issues through them and gradually transforming into a modern-day 'oligarch'. 'Zhoghovurd' has repeatedly attempted to contact Nalbandyan for dialogue, but he has not responded in any manner. If Nalbandyan is willing and wants to answer our questions, 'Zhoghovurd' is also ready to hear his perspective. However, he seems to have opted for the old oligarchic status, and new revelations about his connections will be published soon.

For more details, see today's issue of the newspaper.