From Now On 25% ZCMC Shares Belongs to Republic of Armenia

From Now On 25% ZCMC Shares Belongs to Republic of Armenia

The Republic of Armenia now owns 25% of the shares of “Zangezur Copper and Molybdenum Combine” CJSC. On September 30, 2021, RA Government accepted the donation of 25% shares in ZCMC, a shareholder of Russian "Industrial Company" Joint Stock Company. The company donated to Armenia 412,250.75 ordinary shares with a nominal value of 20,000 AMD owned by it in the statutory capital of ZCMC. By the decision of RA Government, the authority to manage those shares is vested in the Office of RA Prime Minister.

The substantiation of the decision also states that "Industrial Company" was the owner of 60.0000946% of the shares of "Zangezur Copper and Molybdenum Combine" CJSC. The declaration of the real owners of ZCMC in the State Register of Legal Entities, however, does not contain any information about this company. The declaration reveals the names of 10 real owners. Moreover, not all shares are openly available.

Thus, 12.5% ​​of ZCMC shares belong to Russian citizen Mikhail Zurabov, 7.5% again to Russian citizen, former ZCMC General Director Mher Poloskov, 2.5% each to Gurgen Ambaryan and Karen Hakobyan, Vahe Hakobyan’s brother, MP of "Armenia" bloc at National Assembly.

Information on the remaining 75% of the company has not been published. German citizens, ZCMC Executive Director Parag Johannes Bhatt, Thomas Peter, Maurice Jonathan, Russian citizen Vyacheslav Gainochenko, MP Vahe Hakobyan and Narek Ambaryan are represented as shareholders. They are all members of the company board.

October 01, 2021 at 14:44