Prosecutor General's Office Investigates Suren Papikyan's Property Transaction Following 'Hetq' Publication

The Prosecutor General's Office is examining the publication by 'Hetq' regarding the property transaction of Defense Minister Suren Papikyan, as reported by parliamentary secretary Lusine Martirosyan from the organization to Factor.am.

It is recalled that just days ago, it was published that Defense Minister Suren Papikyan purchased an expensive apartment in the center of Yerevan, currently valued at $412,000. The newly constructed building is located at 18/4 Arshakunyats Avenue in the newly formed 'Bureaucrat' residential neighborhood. Furthermore, Papikyan acquired the apartment through a mortgage loan.

According to the reports, Papikyan bought the apartment for 69 million drams, whereas the apartment is now worth 169 million drams. Interestingly, it has been noted that Papikyan paid $1,019 per square meter for the apartment. About two weeks ago, 'Hetq' wrote that Papikyan purchased the apartment for $168,000, while its market value is currently $412,000.

'Jermuk Group' LLC informed 'Hayastani Zhamanak' that claims alleging Suren Papikyan bought the apartment below market value are false, as they have sold nearly 300 apartments at almost the same price. According to the company, 117 citizens purchased apartments for less than Suren Papikyan, while 297 citizens bought apartments for an equivalent of $800-1,100 per square meter.

At the same time, Daniel Ioannisyan, program coordinator of the 'Union of Informed Citizens' NGO, told Factor.am that if ordinary citizens and high-ranking officials are subject to different conditions, it already indicates the presence of at least a corruption risk.