How 50,000 Drams Were Paid for the Hydropower Plant: Kokobelyan Issues Statement

Yuri Kokobelyan, the 100% owner of Argishti-2 LLC, has issued a statement regarding an article published by Azatutyun on July 8, 2022, titled “The Questionable Deal of Darbinyans and Kokobelyans: The Hydropower Plant on the Marz River Sold for 50,000 Drams.” Kokobelyan claims that the article contains clear distortions and misinformation, which, in their opinion, was done intentionally to harm the business reputation of Argishti-2 LLC and its owner, creating a misunderstanding that the hydropower plant on the Marz River was acquired for 50,000 drams.

This blatant lie and manipulative article would not have been addressed if it hadn't led to obvious targeted speculations in recent days. Therefore, we find it necessary to inform our citizens that the aforementioned hydropower plant had issues with the proper fulfillment of loan obligations and, due to technical reasons, did not operate at its full installed capacity. A transaction for the sale of the hydropower plant was conducted between the bank, the former owner of the plant, and myself based on a tripartite agreement. The total value of the transaction was 2,300,000 USD plus 50,000 AMD, where 2,300,000 USD corresponds to the unpaid loan obligations owed to the bank by the former owner of the LLC, and the 50,000 AMD represents the nominal value of the shares.

I would like to emphasize that our family's economic activities have always been conducted transparently, and we have never needed to conceal any inquiries from anyone. However, the fact that several users associated with former and current government satellites on Facebook have spread this information and unnecessarily involved my uncle, Khachatur Kokobelyan, and the party he leads, has a clear and targeted political subtext. I assure you that seeking actions here is a futile attempt, and we advise some individuals to seek justifications for their failures and shortcomings within their own personal jurisdictions.

Furthermore, I find it necessary to inform you that Armen Pashinyan, the director of the company, has had no connection with the sale of the hydropower plant. He is simply the company’s director and performs the functions assigned to him by me, the 100% owner of the company.

It is also regrettable that a media outlet like Azatutyun has allowed the publication of such an article, which has no relation to the elementary rules of journalism, such as impartiality and multifaceted coverage. Moreover, with its obviously guiding headline, this media outlet has expressed its biased attitude, which is simply unacceptable for a medium that considers itself professional. Therefore, based on the above-mentioned circumstances, as well as Article 8 of the Law on Mass Media of the Republic of Armenia, we demand Azatutyun to publish this text as a refutation of the article titled “The Questionable Deal of Darbinyans and Kokobelyans: The Hydropower Plant on the Marz River Sold for 50,000 Drams” published by the media outlet on July 8, 2022.