The Armenian Government has decided to interfere in the Dvin hotel renovation project.

Armenian News-NEWS.am reminds readers that the hotel was sold to the Caucasian Communication Group for U.S. $3 million in 2003. The famous Russian singer Joseph Kobzon is co-owner of the company. The purchaser promised to invest at least U.S. $30 million in the 5-star hotel.

However, no investments have so far been made. The Armenian Government decided to give one more chance to the famous singer by setting 2014 as the final date for investments. If the company fails to invest capital in the project, it will have to pay a penalty, 10% of the planned investments. The Armenian Government reserves the right to confiscate the hotel after the term for investment has expired in 2014 and Mr. Kobzon failed to invest.

The Government reports that the Caucasian Communication Group accepted all the requirements and pledged to meet them by 2013.