The real owners of metal ore extraction organizations in Armenia will be revealed in this regard, as the Government of Armenia approved the draft decision on the package of legislative amendments to the Government of Armenia within the Extractive Industries Transparency Initiative (EITI).
According to the Working Plan of the Republic of Armenia for EITI 2019-2020, the demonstration of real owners' declarations by mining companies should be carried out within 2019-2020. Below we present the discussion of the members of the Government of Armenia before the adoption of the draft decision.
First Deputy Minister of Energy and Natural Resources Garegin Baghramyan, "From March 2017, Armenia is the candidate country of the Extractive Industries Transparency Initiative, by becoming a member of which we have assumed some commitments that should lead to more open, transparent and accountable management of the mining industry. One of the obligations is to disclose the actual ownership of mining companies operating in the field. This entire number of these drafts regulates the whole process of identifying real owners. As a mean of responsibility, the suspension and termination of soil management permits have been envisaged".
RA Prime Minister Nikol Pashinyan: A few months ago, the Commission for the Protection of Economic Competition sent me a study saying that most of Armenia's mines, if I am not mistaken, could even say that the majority is offshore companies registered as offshore companies, and then offshore companies are registered in other offshore companies and so on. Why do not we write a letter to law enforcement agencies to investigate this study? I think it would be worthwhile to redirect the letter to the General Prosecutor's Office. First Deputy Minister of Energy and Natural Resources of RA Garegin Baghramyan, 'Even companies registered offshore shall reveal their owners up to physical entities.
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14:47 February 21, 2019