Alen Simonyan's Son's Bankrupt Godfather is a Stakeholder in a $40 Million Complex

A complex estimated at $40-50 million is being built in the city of Tsaghkadzor, with construction having commenced after the parliamentary elections of 2021.

The investigative website "Hetq" has revealed that the godfather of Alen Simonyan's son, who has been declared bankrupt by court ruling, holds a stake in the construction of this multifunctional residential complex.

Involved in the business of constructing the complex are Robert Galustyan, the former owner of the "Ran Oil" company, former Deputy Mayor of Yerevan Karen Davtyan, and Levan Chikovanyan, who has established a business with the daughter of former Prime Minister Hovik Abrahamyan.

As previously noted, they are joined in this business by Edgar Avagyan, the godfather of Alen Simonyan's son. Avagyan has never been involved in the construction business; he worked for various Armenian television companies for many years, mainly as a manager, and currently works for "Frinyuz" LLC, which is headed by Alen Simonyan's wife.

The inspection body subordinate to the Prime Minister has found violations in the construction documents of the multifunctional complex. However, this body did not observe another violation.

In April 2022, the territory of the former "Arshaluyts" pioneer camp, located near the square in Tsaghkadzor, was sold along with its buildings. The buyers of the property number three: Robert Galustyan, the former owner of "Ran Oil" engaged in the import of oil products, Karen Davtyan, Deputy Mayor of Yerevan from 2006 to 2009, and Levan Chikovanyan, a partner of the daughter of former Prime Minister Hovik Abrahamyan.

The land, purchased for $3.2 million, covers an area of 1.6 hectares, on which there are two-story buildings constructed during the Soviet era. In March 2022, alongside the acquisition of real estate, "Pallada Tsaghkadzor" LLC was established. Its founding shareholders are four: Robert Galustyan, Karen Davtyan, Levan Chikovanyan, and Edgar Avagyan (each holding 25% of the shares). A year later, Karen Davtyan transferred his share to an affiliated person, Gegham Kirakosyan.

Edgar Avagyan is a friend of Alen Simonyan, and he is the godfather of his son. Interestingly, Prime Minister Nikol Pashinyan was also present at the baptism ceremony.

At first glance, this appears to be an ordinary business activity. However, it raises questions about how Edgar Avagyan became involved in this project, what common ground he shares with the other stakeholders, or how someone engaged in television work entered a business project valued at $40-50 million. Perhaps it is the godfather-godson connections that are influencing his involvement?

Edgar Avagyan was declared bankrupt by a court back in 2017 and has not sought financial recovery to this day. He has worked for various Armenian television stations over the years, while serving as the real leader of the "Frinyuz" television company associated with Alen Simonyan's family.

In 2016, "Araratbank" approached the court with a claim to declare Edgar Avagyan bankrupt, as he had a loan of $28,000 with the bank since 2012, which he failed to repay properly after 2015.

In 2017, the court ruled to declare Edgar Avagyan bankrupt. A bankruptcy administrator was appointed, and a list of creditors was compiled. Apart from "Araratbank," "Ameriabank" was also recognized as a creditor. The debt to the first bank amounted to $26,000 and 100,000 drams, while the second bank's debt was $17,000 and 955 euros.

The bankruptcy manager, Vahagn Avagyan, informed "Hetq" that vehicles registered in Edgar Avagyan's name were sold to pay off debts, but obligations were not fully settled. Nonetheless, last month, Edgar Avagyan's representative verbally informed the bankruptcy administrator that he wishes to settle the debts and regain financial health.

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