What is happening to Zangezur Copper and Molybdenum Combine's shareholders: ARKA news agency looks into the situation

YEREVAN, November 24. /ARKA/. The Zangezur Copper and Molybdenum Combine (ZCMC) released a statement to the press on Thursday about the changes that have taken place in the composition of its shareholders.

According to the statement, Gleb Trotsenko, the son of a Russian billionaire Roman Trotsenko, who has been on the US sanctions list since November 3 this year is no longer the beneficial owner of the company following the sale of his entire indirect ownership stake in ZCMC on October 27, 2023.

The ZCMC said there is no relationship between Trotsenko and the company, and noted that neither the company nor its shareholders or beneficial owners are on any sanctions list and the company itself is not subject to any international sanctions.

According to the Armenian government's electronic register, the list of ZCMC shareholders includes Svetlana Ershova with 47.6 percent stake in the company.

According to Panorama news portal, it is noteworthy that Gleb Trotsenko, who is under sanctions is being replaced by Svetlana Ershova, who was a member of Trotsenko's corporations and held managerial positions, and who may also fall under sanctions tomorrow or the day after.

According to press reports, Ershova was vice president of AEON Corporation owned by Roman Trotsenko. She is also the owner of Profi, a company associated with Roman Trotsenko's name, with a 99.01% stake, which manages, among other things, the Ulan-Ude airport.

The Pastinfo publication also suggests that the new beneficiary is a protégé through whom Trotsenko intends to maneuver through the situation with U.S. sanctions.

"Obviously, this was done in a bid to mislead the U.S. State Department. Meanwhile, we would like to remind that the State Department warned that the sanctions would also affect the investment instruments used by Trotsenko," writes Pastinfo.

In response to an inquiry from the Tert.am Internet resource, the ZCMC explained that Svetlana Ershova acquired the combine's shares legally without attempting to circumvent the sanctions lists, i.e. the U.S. authorities did not prohibit the sale of a stake in the combine.

'Panorama wonders who the ZCMC wants to outsmart with such steps - the Armenian government or the US State Department. It does not rule out that the State Department may regard all these actions as an attempt to circumvent sanctions.

At the same time, Pastinfo points out that the possible appearance of the main owner of the combine in the American "black list" will imply that the country may face serious problems in the currency market, as export of mineral and raw material products accounts for 35% of Armenian exports, which, in turn, will have a negative impact on the economy as a whole.

The ZCMC tops the list of Armenia's 1000 largest corporate taxpayers: It paid almost AMD 52.4 billion drams in various taxes for the first 9 months of 2023. As Roman Khudoliy, General Director of ZCMC, President of GeoProMining Group of Companies, stated in July this year, the combine has great ambitions to reach the level of the world's leading companies of the industry.

The ZCMC is located in Syunik region in the south of Armenia, bordering Iran and Azerbaijan. The combine, which is one of the largest companies in Armenia, exploits ore from the Kajaran copper-molybdenum deposit. The deposit has an ore supply of about 150 years . The Armenian government owns 21.875% stake in the ZCMC. -0-

 

 

 

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12:00 11/24/2023