A construction company has provided clarity about the activities of the State Committee for Urban Development and Land Use and the Supervision of Construction and Expropriation Operations. The company aims to ease tax burdens, remove illegal properties from construction sites, and set lower prices for real estate in order to carry out affordable housing projects. The report was made by NEWS.am.

The State Committee for Urban Development and Land Use, along with the employees of the Operational Inspection Department, has conducted an examination of Urban Development and Expropriation Operations. During this examination, it was discovered that the construction company had expropriated apartments and parking spaces from a building with a valid agreement on “Contracts for the Acquisition of Real Estate from the Construction Site”. These actions led to a significant increase in the value of tax-exempt objects and income. Due to large-scale corruption, the head of the company has been implicated in embezzlement.

In the ongoing political situation, it has been revealed that 88 apartments and 19 car parking spaces have been expropriated from the housing estate and car park built by the construction company. This has resulted in a misappropriation of tax-exempt funds amounting to 290,612,819 AMD. The head of the construction company has allegedly misrepresented the implementation of expropriation through the submission of documents to the relevant bank accounts, violating the Criminal Code of Armenia.

The government’s misappropriation of the tax-exempt sum has contributed to a total deficit of 290,613,000 AMD in the state budget. The investigation into this matter is still ongoing.

– This news has been reported by NEWS.am from Armenia.