When asked to comment on a Hetq article on how Armenian Defense Minister Suren Papikyan purchased a Yerevan apartment at way below market value last summer, PM Nikol Pashinyan said investigators are looking into the matter even though he doesn’t see anything illegal in the transaction.

Papikyan purchased the apartment for $168K. It’s now worth $412K according to market sources.

Pashinyan, during a press conference today, seemed to mock the notion that Papikyan was offered a sweetheart deal. He told reporters to wait for Papikyan’s income declaration.

“Go and buy a place for $300K and then sell it for $400K. If you make a $100K profit, you’ll be seen as a winner. I advise all reporters and civic organizations to do the same

The residential complex in downtown Yerevan where Papkiyan purchased the apartment, is being built by Jermuk Group CJSC, which belongs to former deputy Ashot Arsenyan. 

Arsenyan was a deputy of the National Assembly in 2003-2012, after joining the Republican Party led by former Armenian President Serzh Sargsyan. 

In 2019, one year after the “Velvet Revolution” spearheaded by Nikol Pashinyan, Jermuk Group donated snow removal equipment to the Yerevan Municipality. The company was then granted permission to build a high-rise apartment complex on Arshakunyats Avenue.

That same year, a criminal investigation was launched to ascertain why Arsenyan’s son Vahagn was exempted from mandatory military service. The case was later dropped.