The property of Sochi businessman Vigen Sargsyan has been transferred to the state.

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A court in Krasnodar has seized the property of businessman Vigen Sargsyan, totaling over six billion rubles, and has forfeited it to the state.

As reported by the "Caucasian Knot," Sochi businessman Vigen Sargsyan was suspected of fraudulently appropriating a plot of land measuring nearly two hectares last May. The Prosecutor General's Office demanded 5.7 billion rubles from him for illegally using former state farm land for residential development.

On January 31, the Oktyabrsky District Court of Krasnodar seized the assets of businessman Vigen Sargsyan and those associated with him, 93.ru reports, citing the unified press service of the courts of Krasnodar Krai.

Earlier, the Goryacheklyuchevsky City Court awarded Sargsyan 4.25 billion rubles in damages to the Russian Federation and nearly two billion rubles in compensation for environmental damage to the Sochi administration.

The Crowne Plaza Hotel in Krasnodar, shares in the Goryachy Klyuch and Predgorye Kavkaza sanatoriums, 13 properties in Moscow, Krasnodar Krai, and Adygea, and six residential properties in Goryachy Klyuch were seized for state ownership.