Armenia will have to pay large sums in compensation if found guilty in Milano’s case

In a statement released today Olimp Production Cooperation has again voiced about the “unlawfulness” and “injustice” the cooperation has been subjected to.

Olimp Production Cooperation is the proprietor of Milano shop on Abovyan Street owned by Hovhannes Ghoukasyan. Two years ago the territory that the two-floor building occupies was considered as being "of public priority interest." On this ground Milano’s territory and property have been alienated and the shop stopped its business on Abovyan Street and currently rents another area.

Saying that though its territory was given to Avo FMH LLC Construction Company, it mentions that the “illegal” transfer has not yet been legally formulated as the proprietor of the area is still Olimp Production Cooperation as it was previously registered in Armenia’s state committee of cadastre.

“But it is already 7 months since Olimp PC has been expelled from the territory, belonging to it by law, has been deprived of the opportunity to continue its business,” reads the statement.

It also mentions that Avo FMH LLC has denied paying Olimp PC a sum that would properly compensate the damages caused due to alienation of its property. Instead, Avo FMH LLC has offered a sum that is several times less than the actual market value of the property. But Olimp PC cannot receive that compensation either, which according to Armenia’s Constitution, must have been paid in advance and without any problem.

“… But the developer has not offered any compensation that would at least be close to the property’s market value. The media has on several occasions touched upon the illegalities that started on the day of alienation [of our property] and go on until today. Olimp PC has during this period tried to solve its problems through judicial system, but in vain,” reads the statement.

Further it mentions that Olimp PC has raised the issue to several high-ranking officials, like Armenia’s president, prime minister, chairperson of the National Assembly, Armenia’s human rights defender but has received no response from all of them.

“Currently Olimp PC is facing problems not only with the return of its territory but also with tax and customs bodies,” reads the statement, adding that the amount and continuity of the above-mentioned illegalities allow them to think that Avetis Karagulyan, the Director of Avo FMH LLC, enjoys the guarantees of ruling authorities.

Olimp PC has already filed two lawsuits at the European Court of Human Rights against Armenia. If found guilty, the Armenian state will have to pay large sums in compensation.
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