Levon Hayrapetyan

When Edmond Khudyan, an armenian businessman from US started the project on Mashtotc 33 back in 2005, he did not intent to finish the project himself. He was asked by a reputable person from Armenia to purchase Mashtotc 33’s land for a few months, then he would be paid off with small profit and Vladislav Mangasaryan would continue the project. E. Khudyans involvement was supposed to be so called “a financial alliance or an investment banking for a short period of time”, instead, Edmond Khudyan was forced to become projects developer and take all the risks while V. Mangasaryan was secretly draining projects assets.

Based on the contract in September of 2005, E. Khudyan would purchase project’s land and V. Mangasaryan would obtain plans/permits and continue ongoing construction. V. Mangasaryan received an authorization to pre-sale units and forward 50% of the sales to to E. Khudyan, allocating 50% to the construction.

Despite many sales by V. Mangasaryan, (which Khudyan discovered later) Khudyans receives nothing. Per contract, the entire balance was due and payable by May 31, 2006. V. Mangasaryan continues to pre-sale without forwarding 50% to E. Khudyan and does not make any effort to pay off the entire balance.

Conflicts arise and V. Mangasaryan offers to get a loan from Aviotrans and pay off $1,000,000 from Khudyans balance. Khudyan had no other choice and agrees but during this process V. Mangasaryan pockets the $450,000 from Aviotrans $1,000,000 loan. Conflict arises and the reputable person gets involved, asking to give more time. Reputable person gets involved again in December 2006, again, nothing changes.  A Law suit begins and Mangasaryan surrenders, asking, begging for more time.  

In Springs of 2007, E. Khudyan was forced to take control of the building, started paying for construction and loan payments himself. The $1,000,000 loan from Aviotrans was becoming due and they were threatening to foreclose. Meanwhile, dram appreciated 20% and to pay off the loan we needed $1,255,000.

E Khudyan had no choice but to pay off the loan and asked his business friends in US and an uncle in Tehran to invest to help out. Unaware of what really is happening, E. Khudyan was becoming deeply involved financially and his liabilities were skyrocketing. It was only later than Khudyan discovers about  V. Mangasaryan serious financial troubles  and conflicts with 16 other homebuyer, who never received their home certificate at Terian 4a.  

Realizing that E. Khudyan does not trust him anymore, V. Mangasaryan sends his long time friend and past business partner Gevong Galumyan to fix things up. The first and following meetings with Gevond Galumyan start with threats, claiming that V. Mangasaryan owes him $1,000,000 from Terian 4a and if he does not get paid, Khudyan won’t see any of his own money, that he won’t let him to finish the project until Galumyan is paid. Khudyan persistently refuses to deal with him and after a few attempts of unexpected meetings and arguments, they realize that they can only do this the “soft way”.

The reputable person gets involved, convincing Khudyan that Galumyan is a serious person and he is well organized, a good businessman, that it’s beneficial to everyone to allow him to finish the project and take his money from Mangasaryans share. Khudyan conditionally agrees and Gevond Galumyan brings in an accounting firm, to negotiate and prepare “a fare and safe contract for every member”. After 2 months of negotiations, accounting firm brings parties to agreement and contract gets signed on Oct 1, 2007.

In that contract both members guarantee that E. Khudyan will receive $3,481,000 ($1,500,000 from HSBC loan and remaining $1,981,000 from each property is sold, 50% of sales), that all pre-sold properties to buyers will be registered properly and granted later, (worth about $1,500,000 including Khudyan’s own properties on 3 and 10^th floor.) V. Mangasaryan and G. Galumyan agreed to finish the project accordingly by Dec 2008.

After contract was signed Khudyan issues shares of Arin Capital & Investment LLC in Yerevan, 21% (worth $1,217,000)  to V. Mangasaryans son in law Haykaz Sargsyan, 17% (worth $1,000,000) shares to G. Galumyan. The same contract clearly stated that V. Mangasaryan and G. Galumyan cannot take any money from the project until Edmond Khudyan is fully paid, buyers received their properties and building is completed. Instead, they deliberately destroyed Khudyan’s buyer related documents from accounting, influenced and forced company director, Eduard Yesayan to commit fraud, forgery and theft.

They directly and indirectly destroyed and forged documents from accounting and tax collection agency, fixed documents, created loans and liability to force the company to bankruptcy to avoid law suits and to steal remaining assets of the company. In a result, 2 liens have been placed against the company, 1 for none payment of the government taxes (approximately $1,200,000) and another one by V. Mangasryans company, V.M.G. Group, who is fighting to steal remaining $2,000,000 of the company assets which belongs to innocent homebuyers mostly from Diaspora.

E. Khudyan’s business friends and the uncle who helped to avoid foreclosure by Aviotrans (where V. Mangasrayan stole $450,000) also have not yet received their property certificate, but many of Mangasaryan-Galumyan-Yesayan’s acquaintances  who never paid for the property have received certificates. Now they are trying to steal Khudyan’s business friends and his uncles property, after selling and pocketing Khudyan’s property on 10^th floor and 3^rd floor.  

More than $4,500,000 has been stolen as of now and they are attempting to steal another $2,000,000. During this time, the 3 have successfully avoided several law suits as they are very well connected. These people have “influenced” several judges and the bankruptcy trustee (Hrant Garibyan) who fearlessly continues to benefit them.

E. Khudyan has mailed several letters to government officials (including to President Serzh Sargsyan) but as of now, there is no response, no action and no result of any kind, yet. E. Khudyan believes that the country is heading a right way and a lot has changed in the past few years. That a corruption of this kind will not remain covered. Just will be served.