Revealed Real Owners of Metallic Mining Companies in Armenia – Part 17: "Paramount Gold Mining" OJSC

Revealed Real Owners of Metallic Mining Companies in Armenia – Part 17:

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 "Paramount Gold Mining" OJSC developing Lusajur section of Meghradzor gold mine in Kotayq Region:

Russian and Armenian Businessmen, Former MP and Unidentified Owner

Paramount Gold Mining CJSC was registered on December 30, 2011. Five real owners are revealed in the declaration.

The first real owner is Russian businessman Siman Povarenkin, who is also the largest shareholder in Russia's Geopromining Gold LLC, which operates the largest gold mine in Armenia - Sotq.

He owns 25.7% shares in the company, which he acquired on November 18, 2014. Povarenkin has an indirect participation in the company, together with an affiliated legal entity/entities.

It is noteworthy that the name of the second real owner is missing in the declaration. There is a white page in that part of the declaration, which is blank. And on the next page it is mentioned that the unknown owner owns a 24.6% share of the company, which he acquired on March 27, 2019. This owner has an indirect participation in the company, together with an affiliated legal entity/entities.

The third real owner is former Republican MP Tigran Arzakantsyan with 29% shares. It is not disclosed in the declaration when he acquired the share. He also has an indirect participation in the company.

The fourth real owner is Smbat Nasibyan, a citizen of the Republic of Armenia, with a 20% share, the date of acquisition is not mentioned again.

The fifth real owner is Artyom Petrosyan, Director of "Paramount Gold Mining" CJSC. There is no information about his participation. He is also a member of the company's board. Thus, the declaration contains information about the owners of 99.3% of the company's shares, without mentioning the name of the second owner, and the owner of the remaining 0.7% of the shares remains unknown.

It should be noted that within the framework of the EITI, the company has no obligation to identify the owner with less than 10% shares.

According to RA Justice Minister's Order No. 36 dated on February 5, 2020, a real owner is a person who controls or possesses at least 10% of the company's authorized capital with a separate or affiliated person (in case of a person with political influence, regardless of size).

Intermediary Companies of Real Owners

For the first real owner, Siman Povarenkin, the intermediary companies are “Geiser Asset Holdings LTD (BVL)” in the UK and “Geopromining Investment (SIP) Limited” in Cyprus, where the participation of “Geopromining Investment (SIP) Limited” in the chartered capital of the company was ensured by “Carlow B.V.” in the Netherlands. The participation of the latter is gain ensured by “GPM Armenia BV” located again in the Netherlands, which in its turn, is ensured by “AMGM S.A.R.L” located in Luxembourg.

The CEO of “Geopromining Investment (SIP) Limited” is Roman Khudolin, General Director of GeoProMining Group, a citizen of the Russian Federation, whereas the CEO of “Carlow B.V.”, “GPM Armenia BV” and “AMGM S.A.R.L” is Oleg Belayev, a Russian citizen and Financial Director of GeoProMining Group.

“Nakilep Overseas Limited (Cyprus)” is operating for the second unidentified real owner agains through “Geopromining Investment (SIP) Limited” and interrelated “Carlow B.V.”, “GPM Armenia BV” and “AMGM S.A.R.L”. “AMGM S.A.R.L” also operated as an intermediary company for the fourth real owner – Smbat Nasibyan.

July 27, 2020 at 13:52