YEREVAN. - The state has presented stringent demands to the investor of K. Demirchyan Sports and Concert Complex construction. Minister-Chief of the Armenian Government Staff Davit Harutyunyan said in the parliament today.

According to him, the “NTAA Investment Group,” which lodged an application for purchasing the complex, will not receive it unless it transfers the agreed cost of $30 million. The exigency is due to the absence of the company’s earlier economic activity in Armenia.

The draft agreement on sale was approved in August 2015. “But the agreement will not enter into force unless we see the amount,” Harutyunyan said.

After the company transfers the amount, it will have to follow the conditions. According to the first of them, the Sports and Concert Complex must be used for its primary purpose as before.  

The state will allow building a hotel complex with an entertainment center in the nearby territory not directly connected with the Complex and Tsitsernakaberd Armenian Genocide Memorial.

To the question of Orinats Yerkir Party MP Hovhannes Margaryan on whether, among other things, casino will be built, the Minister said that the state allows that only if at least $100 million has been invested in the construction.