If a License is Revoked, the Owner Must Be Compensated at Market Value Plus 15 Percent, Says Former Director of HETC

Within three months after revocation of a license, an offer must be made to the owner. This was stated today during a press conference by the former director of the HETC, David Ghazinyan, while referring to the Regulatory Commission’s decision to revoke the license of the HETC.

“If there is disagreement, inaction, or failure to respond, then according to Article 60, a case of overriding public interest should be recognized, and naturally, the market value plus 15% should be paid. This is how the government recognizes public interest—regardless of the appraisal value given by the appraiser, the owner should be compensated with the appraisal value plus 15%,” Ghazinyan said.

He added, “From the very first day, before the proceedings were initiated, I informed the public that the state would need to take over several hundred million dollars worth of loans, meaning it would provide state guarantees, which already constitutes public debt. Additionally, several hundred million dollars should be paid to the owner. Our officials wisely and seriously claim that they have the funds, the budget, etc. But even when external debt is involved, we all will have to pay for it, just like the existing external debt today.”