Court Obligated "Teghout" To Pay Around 250 Million AMD to Ex Director

Court Obligated, Karine Simonyan

The court has obligated “Teghout” company to pay around 250 million AMD to Sahak Karapetyan, Ex CEO of the company. After the change in the mine owner, the new owner – VTB Bank, had dismissed him.

Sahak Karapetyan, who is Deputy CEO of “Vallex” Group Company, the ex owner of the mine, considered his dismissal as non-grounded and illegal and applied to court with a demand to recover in his position and to receive outstanding money.

Court of General Jurisdiction of First Instance in Lori Region tried the claim and found out that Valeriy Mejlumyan, Chair of “Vallex” Group Company, the ex owner of the mine, signed a contract with Sahak Karapetyan, which says he is entitled to a lump-sum bonus of 150 million AMD if dismissed. The court found that the claimant’s demand to receive a bonus of half a million USD after the dismissal is substantiated and is subject to satisfaction.

It’s noteworthy that the contract tried in court was signed with Sahak Karapetyan in 10 days after the suspension of the mining operations – on 26 January 2018. After two months the company declared that the suspension of the mining operations will be long-term and started dismissing the employees and then the VTB Bank seized the mined owned by “Vallex” Group Company versus the outstanding loan of around 400 million USD.


August 09, 2019 at 15:07