Armenia’s Control Chamber Violates Commercial Secrets Of Geopromining Gold Llc And Publishes False Information
16.11.2010,
01:57
Armenia’s Control Chamber has violated the commercial secrets of the “GeoProMining Gold” LLC and has additionally published false information, the company’s press office reported on Monday.
YEREVAN, November 15. /ARKA/. Armenia’s Control Chamber has violated the commercial secrets of the “GeoProMining Gold” LLC and has additionally published false information, the company’s press office reported on Monday.
ON November 5, the chamber came up with the proposal to demand the GeoProMining to stop developing Sotk and Meghradzor gold mines.
Ishkhan Zakaryan, chairman of the chamber, said all the stakes of the company were deposited in VTB Capital PLC in favour of Carlow BV Company, which borrowed $250 million from the bank on June 2010. In his words, nothing from this loan has been invested in the mines.
“It is worth noting that the contract of share pledge of “GeoProMining Gold” LLC became available to CC illegally, because “GeoProMining Gold” LLC did not provide such documentation to CC,” the company’s press release says. “Regarding this matter CC violated the commercial secrets of the Company and additionally published false information, as “GeoProMining Gold” did not take a loan of 250,000,000 U.S. dollars.”
The company’s press office says CC did not have the authority to carry out direct checks in “GeoProMining Gold'' LLC it concerned only the verification of the legality of granting the subsoil and legality of its use. CC has gone beyond this subject and reviewed the questions, which totally did not relate to operation of mines.
”Control Chamber has the right to exercise control over budgetary revenues only in the relevant auditing and government regulatory bodies, rather than a Company, and may not present the latter claims on budget liabilities,” the press office says.
“CC addressed issues related to the annual concession payments, payments for naturе use and to issues that relate to the requirements of the Republic of Armenia Law "On State Regulation of Technical Security”, as well as on pledge of share of the company in financial institutions, including credit agreement the company and members of the company.”
According to the press release, CC tries to present the Company's financial obligations against the state, which are based not only on incorrect data, but also on the wrong estimates.
“It is also necessary to note that the Company ''GeoProMining Gold'' LLC is well aware of its financial obligations against the State, calculates and executes them, and for this purpose there are special authorized bodies in the Republic of Armenia which, under the Law "On Organization of Inspections” conduct control at “GeoProMining Gold” LLC.”
GeoProMining bought 100% of Sterlite Gold Ltd from Vedanta Resources international company in September 2007.
Sterlite Gold Ltd is the sole owner of AGRC (Ararat Gold Recovery Company). Now AGRC is renamed GPM GOLD (GeoProMining Gold). --0--
ON November 5, the chamber came up with the proposal to demand the GeoProMining to stop developing Sotk and Meghradzor gold mines.
Ishkhan Zakaryan, chairman of the chamber, said all the stakes of the company were deposited in VTB Capital PLC in favour of Carlow BV Company, which borrowed $250 million from the bank on June 2010. In his words, nothing from this loan has been invested in the mines.
“It is worth noting that the contract of share pledge of “GeoProMining Gold” LLC became available to CC illegally, because “GeoProMining Gold” LLC did not provide such documentation to CC,” the company’s press release says. “Regarding this matter CC violated the commercial secrets of the Company and additionally published false information, as “GeoProMining Gold” did not take a loan of 250,000,000 U.S. dollars.”
The company’s press office says CC did not have the authority to carry out direct checks in “GeoProMining Gold'' LLC it concerned only the verification of the legality of granting the subsoil and legality of its use. CC has gone beyond this subject and reviewed the questions, which totally did not relate to operation of mines.
”Control Chamber has the right to exercise control over budgetary revenues only in the relevant auditing and government regulatory bodies, rather than a Company, and may not present the latter claims on budget liabilities,” the press office says.
“CC addressed issues related to the annual concession payments, payments for naturе use and to issues that relate to the requirements of the Republic of Armenia Law "On State Regulation of Technical Security”, as well as on pledge of share of the company in financial institutions, including credit agreement the company and members of the company.”
According to the press release, CC tries to present the Company's financial obligations against the state, which are based not only on incorrect data, but also on the wrong estimates.
“It is also necessary to note that the Company ''GeoProMining Gold'' LLC is well aware of its financial obligations against the State, calculates and executes them, and for this purpose there are special authorized bodies in the Republic of Armenia which, under the Law "On Organization of Inspections” conduct control at “GeoProMining Gold” LLC.”
GeoProMining bought 100% of Sterlite Gold Ltd from Vedanta Resources international company in September 2007.
Sterlite Gold Ltd is the sole owner of AGRC (Ararat Gold Recovery Company). Now AGRC is renamed GPM GOLD (GeoProMining Gold). --0--
