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Global Gold Mining has published a statement on Vardan Ayvazyan's verdict

Global Gold Mining has published a statement on Vardan Ayvazyan's verdict
16:05 September 20, 2012

EcoLur

Global Gold Mining has published a statement on Vardan Ayvazyan verdict. Vardan Ayvazyan, the head of the National Assembly’s Standing Committee on Economic Affairs, and former -minister of Nature Protection. He claims that there is a political context behind the decision.

“Ayvazyan’s statements do not correspond to reality and are absolutely groundless; hence Global Gold Mining has to disclose the following:

- The court issued the ruling against Ayvazyan in 2003, in accordance with the provisions of the SHA Ltd.’s (SHA) Share Purchase Agreement (Agreement), SHA was the licensee of the Hankavan Mine.

- It was agreed that the Agreement is subject to the jurisdiction of the Southerm District Court of New York (Agreement Jurisdiction).

-  The court passed the ruling against Ayvazyan considering his personal capacity; it declared him as a hidden shareholder giving instructions to, and ruling the decisions of, the SHA shareholders (principal).

- The ruling was issued on July 10, 2012, and went into effect in August 2012. The executive act, based on the ruling, was issued on September 6, 2012.
-  The Company regularly and appropriately notified Ayvazyan of all the court files, including the claim, evidence relating to the case, the requirements for showing up to court, as well as the Ruling.
- SHA’s share, at the time of being bought by the Company, totaled 500,000 A
МD(1,250 USD). After being acquired, the sums for the activities were raised to USD 50,000 by the Company. Given these obligations, the price for the total cost for studies in the Hankavan mine made up 2,847,755.50 USD, which is 50 times more than required under the obligations. 

- The reports on the studies of the outcomes (numerous volumes with a text and maps) were sent to the Ministry of Nature Protection in the period when Ayvazyan was a minister, and hundreds of samples, with their copies, are being kept in the Company’s archives to date. In such circumstances, the SHA suspended the license, then transferred it to a company under Ayvazyan’s control and was later sold to a third company. All the materials relating to the judicial proceeding are available to the public at the Southern District Court of New York and the ruling is public,” reads the statement.