Teghout Mine under Pledge: VTB Bank Launched Process of Taking Mine against Loan: Hraparak

Teghout Mine under Pledge: VTB Bank Launched Process of Taking Mine against Loan: Hraparak

 Hraparak

The Hraparak newspaper writes, “According to our information, the representatives of Russian VTB Bank arrived in Armenia yesterday and then headed to Teghout. The problem is that General Director of Teghout mine has taken out rather a large loan from the bank for the operation of Teghout mine, a part of “Teghout Group” pledging the mine.”

Recently, Teghout has been experiencing enormous financial difficulties and can’t perform its loan obligations, as a result of which the company has overdue loans at VTB in the amount of around 380 million USD.  The bank has already launched the process of taking the mine against the loan. We were told that the person having been appointed by the bank will temporarily hold the position of the director, which will improve the mine and sell it to a new buyer. According to our information, Mezjlumyan has left for Teghout together with the visitors from Moscow in order to seek to be alert during the mine audit and to be able to have it appraised as high as possible and close the whole loaning portfolio.

13:16 September 14, 2018


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