Real Owners of Companies Operating Metallic Mines in Armenia: Part 3 - "Teghout" CJSC

Real Owners of Companies Operating Metallic Mines in Armenia: Part 3 -

EcoLur

EcoLur continues to present declarations on the real owners of the companies operating the metal mines in Armenia, which were published within the framework of EITI on the website of State Register Agency of Legal Entities of RA Justice Ministry.

In this publication, we will cover the declaration submitted by "Teghut" CJSC, which operates the second largest copper and molybdenum mine in Armenia.

The new owners of "Teghut" and the undiscovered Cypriot chain

At the beginning of 2018, Teghut CJSC, owned by Vallex Group, registered on May 22, 2006, was transferred to the Russian VTB Bank in exchange for a $ 380 million loan.

In a statement, the company identified two individuals from the new real owners, who together own 50.05% of the company's shares, and a number of legal entities, most of which are registered in Cyprus.

The first real owner is Norik Petrosyan, a citizen of Armenia, who acquired 25.05% of the company's shares on December 20, 2019. According to the declaration, he is a member of the company board and is authorized to appoint or dismiss persons involved in the company's governing bodies.

The second real owner is Pavel Korichnev, a Russian citizen who owns 25% of the company's shares. The declaration doesn’t say when he obtained them. According to the declaration, he is a member of the General Meeting of Shareholders of the company and is authorized to appoint or dismiss persons included in the management body of the company.

In Norik Petrosyan's case, “Sunarto” LLC and “Vestrok Development” LLC, both through “Teghut Investments” Limited, operate as intermediaries. All of these companies are located in Cyprus. Intermediate companies are not mentioned in the declaration for Pavel Korichnev.

Sunarto LLC is an intermediate legal entity N1 with the listed shares in the company. In the declaration, the chain of Cypriot companies expands on the so-called N2 listed legal entity, which, however, has not been disclosed.

“Teghut Investments” Limited in Cyprus, Nairi Infrastructure Capital Limited (Cyprus), ATS Nominees Limited (Cyprus), VTB Capital P Investment Holding (Cyprus) Limited (Cyprus), VTB Capital Private Equity Holding AG (Switzerland), Business Finance LLC (Russia) and VTB Bank CJSC (Russia) act as intermediary companies for the N2 listed legal entity.

The declaration says that the shares of a legal entity with a direct or indirect interest of 10% or more in the company's authorized capital are listed on the Armenian Stock Exchange. However, no information about the company has been published on the stock exchange's website.

 

17:56 May 14, 2020


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