Ashot Arsenyan's Company Does Not Reveal When Papikyan Secured $412,000 Apartment: Hetq

The former MP from the Republican Party of Armenia, Ashot Arsenyan, has not clarified when Defense Minister Suren Papikyan secured a luxury apartment in the "Buryel" residential complex. This was reported by Hetq.

Last week, Hetq wrote that on July 27, 2022, Defense Minister Suren Papikyan purchased a 165 square meter apartment in Yerevan for 69 million drams (approximately $168,000). Questions were raised regarding how it is possible for an apartment currently valued at $412,000 to have been worth 100 million drams less just six months prior. Suren Papikyan had suggested we direct inquiries to the company that sold the apartment.

Suren Papikyan bought the apartment for $168,000, which is now valued at $412,000. In response to the media's written inquiry, Vladimir Poghosyan, director of Ashot Arsenyan's company, "Jermuk Group" LLC, stated in writing that "potential buyers can secure the apartment before construction begins. The period from securing to executing the sales transaction for the right to purchase may take a long time (this includes obtaining relevant permits from the company, the procedure for registering rights at the cadastre, etc.)." Although we directed our questions specifically regarding the purchase transaction for the apartment located at 18/4 Arshakunyats Avenue, the director of the development company responded with vague and general terms.

Hetq submitted several additional questions to Vladimir Poghosyan, including the principal one: "When was the apartment at 18/4 Arshakunyats Avenue in the complex 'D' secured?" We requested documents, certificates, or letters to support the answer that would not require additional verification.

However, the director of 'Jermuk Group' LLC did not effectively respond to our inquiry. Regarding the provision of documentation confirming the securing, he stated that "there is no procedure established by Armenian legislation for securing rights; securing has been conducted based on internal circulation documents of the construction company 'Jermuk Group' LLC." Furthermore, satellite images confirm that at the time of the purchase transaction for the apartment, the construction of the 'D' building in the 'Buryel' residential complex was fully intact. One of the satellite images available in the Google Earth application was taken on August 17, 2022, showing the construction process, while the transaction took place 20 days earlier on July 27.