YEREVAN — A court has ruled in favor of the Republic of Armenia in another lawsuit filed by prosecutors seeking to protect state interests, ordering the recovery of 131.36 million drams.
The ruling invalidated a land sale agreement signed on April 26, 2005, between an authorized representative of then-Defense Minister Serzh Sargsyan and Ararat Motors LLC. The agreement concerned a 0.40935-hectare land parcel located at 16/4 Admiral Isakov Avenue in Yerevan’s Malatia-Sebastia district.
Because returning the property is no longer possible, the court ruled that, once the decision enters into legal force, Ararat Motors must pay 131.36 million drams to the state as compensation resulting from the invalidation of the contract.
