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RECURRENT INSPECTIONS HELD IN ARARAT GOLD RECOVERY COMPANY
arminfo
2007-07-25 12:48:00
The state Ecological Inspection of Armenia started recurrent
inspections of activities of the Ararat Gold Recovery Company
(AGRC). Large-scale inspections in 2004-2006 revealed a fact of
concealment of about 1,6 tons of gold, deputy Head of the Inspection
Marzpet Kamalyan said at a press-conference.
He said that the recurrent inspection was stipulated for appeal
of the previous inspection results by the Company. The inspections
were purposed to consider compliance of the presented data about the
Company's activity, in particular, regarding the volumes of investments
and gold recovery, with the real data. Commenting on the question if
the owner of AGRC is entitled to sell the Company before completion
of inspections, M. Kamalyan said that this is the owner's right and
expressed confidence that a potential buyer will try not to sign a
contract before completion of inspections, since violations will be
revealed and he, as an assignee, will bear responsibility for the
Company's activity.
To recall. by requirement of RA Prosecutor General's Office, the
inspections in the Company were carried out by the Ministry of Finance
and Economy, as well the Tax Service, having drawn up an Act to the
total sum of about $50 mln. To note, the Company's owner, the Indian
Vedanta Resources Corporation, is negotiating on sale of AGRC. An
agreement has been signed about intentions with the daughter enterprise
of the Russian Financial-Industrial Group "Industrial Investors",
the "Madneuli" CJSC. The transaction amount may be of $80-90 mln.
arminfo
2007-07-25 12:48:00
The state Ecological Inspection of Armenia started recurrent
inspections of activities of the Ararat Gold Recovery Company
(AGRC). Large-scale inspections in 2004-2006 revealed a fact of
concealment of about 1,6 tons of gold, deputy Head of the Inspection
Marzpet Kamalyan said at a press-conference.
He said that the recurrent inspection was stipulated for appeal
of the previous inspection results by the Company. The inspections
were purposed to consider compliance of the presented data about the
Company's activity, in particular, regarding the volumes of investments
and gold recovery, with the real data. Commenting on the question if
the owner of AGRC is entitled to sell the Company before completion
of inspections, M. Kamalyan said that this is the owner's right and
expressed confidence that a potential buyer will try not to sign a
contract before completion of inspections, since violations will be
revealed and he, as an assignee, will bear responsibility for the
Company's activity.
To recall. by requirement of RA Prosecutor General's Office, the
inspections in the Company were carried out by the Ministry of Finance
and Economy, as well the Tax Service, having drawn up an Act to the
total sum of about $50 mln. To note, the Company's owner, the Indian
Vedanta Resources Corporation, is negotiating on sale of AGRC. An
agreement has been signed about intentions with the daughter enterprise
of the Russian Financial-Industrial Group "Industrial Investors",
the "Madneuli" CJSC. The transaction amount may be of $80-90 mln.