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Company Fined $21,000 for Illegal Business Activity in Yerevan's Tashir Street Shopping Center

Armenia’s State Revenue Committee has fined Vernisaj 1 Ltd, a commercial retail developer, 10 million AMD (US$21,100) for leasing retail space in Yerevan’s underground Tashir Street Shopping Center and then subletting the space to individual retailers without first reporting the transactions to the Ministry of Finance.

Vernisaj 1 leased 265 square meters of space from a company called Hankashar Ltd. Hankashar built the Tashir Mall that runs underneath Yerevan’s Northern Boulevard and renovated the street in 2014.

Hankashar company stock is owned by Gor Baroyan, who serves as director for several companies linked to Russian-Armenian business tycoon Samvel Karapetyan, and Hamik Mkoyan, an assistant/bodyguard of former Armenian Minister of Transport and Communication Gagik Beglaryan.

Vernisaj 1 Ltd. was founded by Razmik Chitchyan who serves as director of various companies linked to Karapetyan.

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