Real Owners of Companies Operating Metallic Mines in Armenia: Part 2 - Lydian Armenia CJSC

Real Owners of Companies Operating Metallic Mines in Armenia: Part 2 - Lydian Armenia CJSC

EcoLur

EcoLur continues to present declarations on the real owners of the companies operating the metal mines in Armenia, which were published within the framework of EITI on the website of State Register Agency of Legal Entities of RA Justice Ministry. 

In this publication, we will cover the declaration submitted by Lydian Armenia CJSC (formerly Geoteam CJSC), which is implementing the Amulsar gold mining quartzite mining project in Armenia. One name with an unknown share

In the declaration issued on October 13, 2005, the company identified only one person, Hayk Aloyan, a citizen of Armenia and the company's executive director, as the real owner. It doesn’t mention Aloyan’s share and when it was obtained.

According to the declaration, the European Bank for Reconstruction and Development has a special participation in the company, together with another person/persons. However, the amount of participation and other names have not been revealed here. It just says: "Information cannot be provided."

It should be noted that according to the RA Minister of Justice Order No. 36 of February 5, 2020, a real owner is a person who controls or masters at least 10% of the company's authorized capital with a separate or affiliated person (in case of a person with political influence). According to the declaration submitted by Lydian Armenia, it is possible that the company's shares are less than 10 percent distributed among many individuals/organizations, which is a way to hide the real owners.

16:16 May 11, 2020


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