Whether "Alyotig" LLC Having State Order to Process Tailing Dumps Recognizer Bankrupt?

Whether

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Whether "Alyotig" LLC has been recognized bankrupt, which has received a state order to process the tailing dumps? The official website for public notifications has a statement on recognizing "Alyotig" LLC bankrupt (https://www.azdarar.am/announcments/cat/46/00143198/). At the same time a company with the same name, "Alyotig" LLC, will be in charge of processing the content of three huge tailing dumps located in Syunik under the law adopted by the National Assembly “Zangezour Copper and Molybdenum Combine” CJSC and accumulated and accumulating in Voghji, Pkhroun and Artsvanik tailing dumps” in 2015.
RA Finance Ministry has called upon the court to recognize "Alyotig" LLC bankrupt – civil case no. ԳԴ4/0022/04/15. The grounds of the claim are the liabilities of "Alyotig" LLC on income controlled by the tax authorities towards the state budget, which made up 13,436,261 AMD as of 25.11.2015.

"Alyotig" LLC hasn’t disputed its bankruptcy in writing in the statutory term set by Article 17 (1) of RA Law “On Bankruptcy”. "Alyotig" LLC was recognized bankrupt based on the court ruling dated on 08.01.2016.

One year before this court ruling, in 2015 the National Assembly adopted RA Law “On Investment Program for Processing Industrial Dumps Accumulated and Accumulating Because of Activities of “Zangezour Copper and Molybdenum Combine” CJSC and accumulated and accumulating in Voghji, Pkhroun and Artsvanik tailing dumps”. The state will allocate them to "Alyotig" LLC for processing the content of the tailing dumps.
Before adopting this law in 2014 the government approved signing “Memorandum of Understanding” among the Armenian Government, “Chronimet Mining” CJSC, “Zangezour Copper and Molybdenum Combine” CJSC, VSEI Enterprise Group, as an investor, and "Alyotig" LLC.

We would like to draw the attention to VSEI Enterprise Group, which has made and will make investments of 200 million USD. When the abovementioned law was adopted, nothing was mentioned about VSEI Enterprise Group, however, the total investments shall make up 237.5 million USD. A question arises whether the investments into the processing of tailing dumps have been carried out, who have made these investments and to what extent? What kinds of activities have been carried out with these investments? Who bears responsibility for the implementation of the abovementioned law, if the main implementer is recognized bankrupt?

16:12 August 16, 2016


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