Yerevan, February 16 – The Administrative Court of Armenia has satisfied the claim of the General Prosecutor’s Office, ruling to invalidate the ownership right of “Almast” Open Joint-Stock Company to a plot of land located on Rubinyants Street in Yerevan. The decision, issued on February 13, 2026, revokes the state registration that took place in March 2006, effectively restoring the state’s rights to property that had been under private ownership for two decades.
Prosecutor’s Office Challenges Legality of Registration
The Department for Protection of State Interests of the Prosecutor’s Office challenged the legality of the registration carried out by the Cadastre Committee, demanding the return of the 1296 square meter area located at Rubinyants 28. The law enforcement agency substantiated that the alienation of the property was carried out with violations at the time, which served as the basis for the court’s satisfaction of the claim.
Property to be Registered as State Ownership
Upon the legal entry into force of the judicial act, the land plot, valued at a cadastral value close to the market price, will be registered as the property of the Republic of Armenia. The value of the returned property amounts to 49 million 623 thousand drams, which is equivalent to approximately 132,000 US dollars.
Background of the Case
The case highlights a broader effort by the General Prosecutor’s Office to reclaim state assets that were privatized under questionable circumstances. The ruling sets a precedent for similar cases where irregularities in property alienation processes are identified. The specific violations that led to the court’s decision were not detailed in the initial report, but the emphasis on a two-decade private holding suggests a long-standing issue now being rectified.
Impact on “Almast” Open Joint-Stock Company
The decision directly impacts “Almast” Open Joint-Stock Company, which will lose its ownership rights to the significant land plot. The company has not yet issued a public statement regarding the court’s ruling or any potential appeals. The long-term implications for “Almast” and its operations remain to be seen, particularly concerning its asset portfolio and future development plans.
Broader Implications for State Property Management
This court decision underscores the Armenian government’s commitment to ensuring the legality and transparency of property transactions, especially those involving state assets. It sends a clear message that past irregularities will be scrutinized and corrected, even if they occurred many years ago. This move could encourage further investigations into other privatized properties, potentially leading to additional returns of assets to state ownership.
Public Reaction and Future Outlook
While public reaction to this specific case has not been widely reported, such actions by the Prosecutor’s Office generally receive support from citizens concerned about corruption and the proper management of state resources. The focus on reclaiming valuable land assets aligns with broader governmental efforts to strengthen state institutions and ensure equitable resource distribution. Future developments in this area will likely be closely watched by both the public and private sectors in Armenia.
Source: https://verelq.am/hy/armenia/show/106797
