The decision of the Armenian Government supposes holding of different cultural and entertainment events not inside Yerevan’s Sports and Concert Complex (SCC) but in its common territory, outside the SCC, Armenia’s Defense Minister Seyran Ohanyan told Armenian News – NEWS.am in the framework of “Baze-2015” Pan-Armenian Youth Gathering held in Armenia's spa town Tsaghkadzor.

The SCC will, according to him, retain its name (Karen Demirchyan), main activity, and will host historical and cultural events. “These events will benefit us all, every citizen of Armenia. The most important thing is that the company owner will make serious investments in the development of the SCC. I think the events and the privatization process are under control. We’ll have an opportunity to oversee it,” he stressed.

The aforementioned process, in his words, will only be aimed at holding the cultural events at a higher level. “All in all, we communicate with the representatives of many countries and visit different institutions. We should give the SCC a proper appearance,” Ohanyan said.

Responding to the question on whether there are no dangers with regard to the fact that the SCC was purchased by a private company, Ohanyan said: “I don’t think it’s dangerous. The complex is in Armenia’s territory. I don’t think it can get wings and fly away.”

According to the Armenian Government decision, the SCC owned by Armenia’s Defense Ministry, was sold to “NTAA Investment Group” LLC for $ 30 million.  It is planned to renovate the building and turn it into a family complex.

The overall investments in the project will exceed $100 million.