Videos
Photos
Construction Company Goes Bankrupt - Where's the Money?
The building seen in the accompanying photo was being constructed by a company called "SAMOSH Ltd". The firm belongs to Samvel Hovannisyan, an in-law of former Yerevan Mayor Yervand Zakharyan.
It should have been ready for occupancy in 2010. People who have been making down payments on apartments are now left in the lurch. The firm seems to have gone belly up and the property has been seized by the Armenian Development Bank (ADB).
The unfortunate purchasers, some who have forked over the entire sales price, don't know where to turn.
The ADB had lent money to the construction firm on two occasions and took the company to court in 2009 for breach of contract.
Even after the court case commenced, SAMOSH continued to sell units in the building located at 51 Mamikonyants Street.
The prospective buyers are afraid that if the building is auctioned off they will lose their "intent to buy" contracts and the money they have so far invested.
They are demanding that SAMOSH draw up binding contract with them.
Hetq will have more to say on the matter in the future.
Comments (17)
Write a comment