Litigation in Process between Vallex and VTB Bank in One of International Courts: Acting Deputy PM Tigran Avinyan

Litigation in Process between Vallex and VTB Bank in One of International Courts: Acting Deputy PM Tigran Avinyan


There is a litigation process between the former operator of Teghout copper and molybdenum mine “Vallex” Group and Russian VTB Bank in one of the international courts in regard to the debts that Vallex owe to the VTB Bank, as Acting Deputy PM Tigran Avinyan said in his interview with EcoLur. “The VTB Bank has appointed a new operator for the management of Teghout project, nevertheless, there is a problem between the former operator, Vallex Group and the Russian VTB Bank. There is a court litigation between the VTB Bank and the former operator. I hope that his court case will be closed and we will have an opportunity to move forward with the new operator,” Tigran Avinyan said. He didn’t say other details on this court case. In reply to EcoLur’s question, with which document the Government is guaranteeing and confirming its oral promises on the re-operation of Teghout mine, Tigran Avinyan said, “In order to have a document, the VTB bank shall reach an agreement with the previous operator with all the details. We are promoting this agreement to take place. The bilateral political decision is already available and I hope that this document will soon be signed technically. Here our main problem is the reinforcement of the tailing dump, as Teghout mine can be operated only after solving this problem. I think it will happen in the first term of 2019.” In reply to the question who will bear the environmental and social commitments in regard to Teghout project, the acting Deputy PM said, “The new operator will undertake all the commitments: all the environmental standards shall be preserved, nothing can be operated without the preservation of these standards.” It should be mentioned that the VTB bank has selected “Russian Copper Smelting Company” as the new operator of Teghout project. Russian businessman of Armenian origin Norayr Petrosyan has undertaken the commitment to re-operate the mine. Under Acting Deputy PM, Norayr Petrosyan is the representative of the new operating company.

16:28 December 03, 2018


Hot Spots



Subscribe to receive our latest news