No new buyer comes forward for MFA building; Eurnekian-owned company to proceed with deal

A government auction for the sale of a building in Yerevan's central square now housing the Ministry of Foreign Affairs has attracted no new buyers. It emerged on Tuesday when the auction was to have been held.

This means that the Tango Company, which is owned by Argentine-Armenian businessman Eduardo Eurnekian and with which the government signed an agreement for the sale of the building last fall, remains the legitimate buyer (the originally agreed selling price is $51.2 million).

When the deal first transpired last October it came under heavy criticism first for providing the building that is of architectural value for a hotel and secondly for completing the deal on an "non-alternative basis", i.e. without an auction.  Read more... (175 words)

Armenian News