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A court docket in Armenia is about to subject a ruling within the Zangezur Mining vs. Zangezur Copper-Molybdenum Mix (ZCMC) case within the close to future, whereas Armenia’s authorities has already “put up with” the concept of shedding the case, Pastinfo reported on Saturday.
Former Russian Well being Minister Mikhail Zurabov, who owns 12.5% of the ZCMC shares, sued the mining large, asking the court docket to invalidate the sale of its 60% shares to Russian billionaire Roman Trotsenko’s GeoProMining Gold. The choice to unfreeze the shares has already been overturned.
On September 30, 2021, Industrial Firm JSC, a completely owned subsidiary of Roman Trotsenko’s GeoProMining, mysteriously acquired 60% of the ZCMC shares and promptly donated 1 / 4 of that stake to the Armenian authorities. The granted 25% of the shares make up 15% of the ZCMC fairness. Trotsenko’s firm acquired the shares instantly after they have been unfrozen by an Armenian court docket.
“Our sources inform us that Nikol Pashinyan is considerably disenchanted, since he has realized that Trotsenko, who has been focused by U.S. sanctions, has “let him down”. He has warned in opposition to any interference within the case in addition to any corrupt deal favoring GeoProMining,” Pastinfo mentioned.
“Our authorities sources report that Pashinyan’s robust stance can be attributed to the reviews that Trotsenko and his group have determined to promote one other “property” they personal – the Agarak Copper-Molybdenum Mix – to the Zangezur Copper-Molybdenum Mix at a worth a lot greater than regular so as to clear up their private monetary issues. Furthermore, the concept apparently belongs to ZCMC Director Normal Roman Khudolin.
“One other necessary truth is that the U.S. Embassy has additionally warned Pashinyan that Roman Trotsenko is on their black record, i.e. he’s among the many sanctioned Russian businessmen. This has additionally affected Pashinyan’s place. In line with our diplomatic supply, Pashinyan has been urged, “Do not flirt with Trotsenko.”
“The federal government consultants have studied the court docket case and have concluded that the Zangezur Mining’s lawsuit is effectively grounded and any meddling to win the case can have unfavourable penalties each on the funding surroundings and worldwide courts, the place the federal government is prone to lose big sums,” the media outlet says.
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