CONSTRUCTION OF BUSINESS-CENTER ON BASIS OF CENTRAL DEPARTMENT STORE
FROZEN
YEREVAN, MARCH 1. ARMINFO. Construction of a business-center on the
basis of the Central Department Store privatized several years ago in
Yerevan has been frozen. Russian businessman, the owner of the company
“Accord- Armenia” which privatized the CDS, Ara Abrahamyan tells
journalists today.
He refused to mention the reason of freezing of the construction,
adding that it was not connected with financial problems. “We have
funds and construction companies, but we cannot build. It is a
separate issue which I do no want to speak about,” he said.
It should be noted that construction of the business-center embracing
40,000 sq.m was planned under implementation of the program “Northern
Avenue” and was to be completed by the end of 2002. $5 million were to
be invested in the construction. The company “Accord-Armenia”
purchased the CDS in September 2001 for $900.000.