Vallex Group comments on the events of January 15th

On January 15, 2019, within the framework of a legal action against Teghout CJSC in the Lori Regional Court of General Jurisdiction, “Teghout” CJSC’s former employees conducted protests and made unnecessary speculations pertaining to Vallex Group.

In response to requests to comment on the above received from mass media and other stakeholder parties hereby we report the following:

Vallex Group is not affiliated with any of the lawsuits under consideration, and Vallex Group has not filed any lawsuits against “Teghout” CJSC.

The lawsuit currently under consideration in Lori Regional Court of General Jurisdiction in Alaverdi, and which had its first hearing today, was filed by “Teghout” CJSC former CEO Mr. Sahak Karapetyan with a complaint to recognize the decisions made by “Teghout” CJSC sole shareholder and the board as unlawful and invalid, and hence to restore Mr.Karapetyan as a board member and the CEO of the company.

The current lawsuit does not, in any fashion, impede the possible recommissioning of the Teghout mine.

All information pertaining to the lawsuit filed by RA citizen Mr. Sahak Karapetyan is posted on RA Judicial Information System official website:  According to the open information contained in the same database, another lawsuit, not affiliated with Vallex Group, and filed against “Teghout” CJSC was recently settled in favor of the plaintiff with the value of circa 2 million Armenian Drams and with an injunction to perform certain actions. These, however, do not relate to and do not impede the possible recommissioning of the Teghout mine.

In response to rumors voiced by the protesters, please be advised that Vallex Group has not set forth any monetary demands towards “Teghout” CJSC. As of September 2018, when VTB Bank assigned “Teghout” CJSC shares and terminated its CEO, there were circa USD $ 3.5 million dollars on the bank accounts of “Teghout” CJSC. The fact that “Teghout” CJSC’s new management did not repay the debt of only AMD 2 million Armenian drams (or about USD $ 4,000) in a timely fashion in order to prevent the aggravation of the situation is puzzling.

To prevent the spread of misunderstandings among the stakeholders, we once again would like to state and emphasize the following: Vallex Group has nothing to do with these lawsuits and has no monetary claims towards “Teghout” CJSC.

Mass media and PR department of “Vallex” group companies

Media coverage on Public TV and “Ankyun+3” TV