Mentions VTB Bank and Investors Can't Start Teghout Mining: Vallex Contradicting

Mentions VTB Bank and Investors Can't Start Teghout Mining: Vallex Contradicting


On 17 January, MP from 'My step' faction Aren Mkrtchyan stated in the National Assembly that Russian VTB Bank and the investor residing in Russia can't start Teghout mining process, as there is a court proceeding that hinders this process.

'Currently, the investor and the bank can't start mining process as 'Vallex Company' has filed a court claim in two episodes. The first episode refers to the debt of 'Teghout' CJSC in the amount of US$ 4000 ti 'Vallex' group, as a result of which the company accounts with a value of US $ 380 million is frozen. This debt has been paid off, and probably the accounts will be activated. The second episode refers to bankruptcy: I won't attempt to go into details of the bankruptcy claim, but it assumes that the investor can't make any changes in the personnel, including the appointment of an executive director and hiring 1200 people unless there is court judgment on the bankruptcy process. Currently, we are patiently waiting for court judgment,' Aren Mkrtchyan said.

In its turn, 'Vallex' Group has disseminated a press release which contradicts the MP and says that Vallex Company has no connection with the claims and doesn't demand any money from 'Teghout' CJSC. 'None of the tried court claims is related to 'Vallex' Group and 'Vallex' Group hasn't initiated any court claim against 'Teghout' CJSC.

The court case tried by Court of General Jurisdiction in Lori Region, which resides in Alaverdi, is initiated by the sole shareholder of Sahak Karapetyan, Ex-General Manager of 'Teghout' CJSC, to recognize the decisions the board of the company as illegitimate and invalid and recovering his rights as the General Manager and a board member of 'Teghout' CJSC.

The progress of these court proceedings can't hinder in any manner the probable re-operation of Teghout mining complex. One of the court cases initiated against 'Teghout' CJSC, which has no relation with 'Vallex' Group, the court banned to carry out certain actions to ensure the application of the claim against 'Teghout' CJSC in the amount of 2 million AMD, but again, it can't be related to the probable re-operation of Teghout mining complex. Vallex Group has no relation to the mentioned claims and doesn't require any money from 'Teghout' CJSC,' Vallex statement says.

It should be added that Armenian Deputy PM Tigran Avinyan said in his interview with EcoLur that there is litigation in process between Vallex and VTB Bank in one of the international courts.

During the snap parliamentary election campaign in 2018, the representatives of 'My step' faction, as well as this leader of this faction Nikol Pashinyan promised the locals to re-operate Teghout mine and to ensure employment for the people left jobless. After this statement, the interview with Tigran Avinyan showed that these promises are again verbal, there is no arrangement fixed in the documents. The problem with the tailing dump is also not solved, and its unstable situation is a large threat for the residents of impacted Shnogh community and Lori nature.

The company involved as an investor by the VTB bank is 'Russian Copper Company'. There is a video on the Internet which shows how the company employees hinder the access of the residents to the hall of the public hearings in Chelyabinsk and beat the activists. 

Thus, the issue of Teghout project continues remaining unsolved, as well as the matter who will eliminate the environmental and social negative consequences of the mine caused for 3 years.

It should be mentioned that in the summer of 2018, Czech specialists carried out an investigation in Lori Region. As a result of these investigations, a resolution has been adopted and dispatched to Armenian PM Nikol Pashinyan.

January 18, 2019 at 18:29