Narek Nalbandyan Owes the State: Details on the Purchase of the 'Golden Palace' Hotel

'Zhoghovurd' newspaper reports that Narek Nalbandyan, the owner of 'Project Inter-Invest' LLC, owes money to the state and has requested more time to make the payment while simultaneously engaging in charitable activities.

According to 'Zhoghovurd', Nalbandyan was supposed to pay 1 billion AMD to the state by July 1 for the purchase of the 'Golden Palace' Hotel in Tsaghkadzor, but he has not made the payment and has requested an extension to meet this obligation. Consequently, the issue has been addressed, meaning that the 'Golden Palace' Hotel has not been officially purchased yet, though steps are being taken to commence its operation.

ArmLur.am reported that recently the lights of the 'Golden Palace' Hotel and the winding road leading to the hotel in Tsaghkadzor were lit up.

It is noteworthy that in 2019, the government of Nikol Pashinyan delayed the VAT payment deadline for 'Project Inter-Invest' LLC as part of its investment program for three years, from November 15, 2019, until December 31, 2021. Furthermore, under another decision previously made, the same company was exempted from customs duties as part of the investment program.

The 'Zhoghovurd' newspaper has learned that besides the aforementioned company, Nalbandyan owns many other companies, including the 'Shirak' poultry farm and a 50% stake in the 'Nor Lusakert' poultry factory. However, he has not been working in good faith.

The State Commission for Protection of Economic Competition fined 'Project Inter-Invest' 3,044,534 AMD on August 30, 2022, because the eggs produced by Nalbandyan's company, labeled as ECO and ecoDemonstrator, were sold despite not being certified as organic agricultural products, which the commission defined as a manifestation of bad faith competition aimed at misleading the public.

It should also be noted that Nalbandyan is the oligarch whose wife purchased a property belonging to former Prime Minister Hovik Abrahamyan in the Monument area while it was under criminal investigation, without any hindrance from law enforcement.

Nalbandyan has a history of unethical and monopolistic business practices; he is unable to repay the state debt of 1 billion AMD and has previously faced significant fines. Despite this, he sponsors the Pan-Armenian Games and has even been awarded by the President of Armenia.

This suggests that Nikol Pashinyan, who rejects 'corruption with tail and paws', is fostering privileged oligarchs for personal use.