In response to the unreliable information and inadequate assessments spread via mass media and other channels among the interested parties, “Vallex” group companies introduce further details on the situation around “Teghout” CJSC։
- “Teghout” mining complex was established as a result of investment program implemented by “Vallex” group, funding sources of which were both involved credit funds and own funds of the group. Before the launch of “Teghout” mining complex, as of 31.12.2014, the total amount spent on the investment project was USD 352 million, USD 308 million of which was carried out by the involved credits from financial organizations of VTB group, and USD 44 million at own expense of “Vallex” group companies. As of 31.08.2018, the total loan repayment and commission fees (principal and interest payments) by “Teghout” CJSC during its activity, made around USD 110 million.
Despite the fact, that during the operation it had been occurred a necessity on increasing the safety and reliability of some production units of the tailing economy, “Teghout” mining complex is still a modern, knowledge-based enterprise, which had a significant role in the region’s economic development and also has a great potential to have such a role in future.
- Because of the above mentioned reasons, as well as connected with the risk management control of the environment, “Teghout” CJSC had to suspend the operation of the mining complex, as a result of which it had some difficulties with the loan servicing of VTB bank. In the situation created, the bank assigned “Teghout” CJSC shares and demanded full repayment of the funds. In our assessment, the bank has exercised its right in an illegitimate way. As a result, “Vallex” group had no opportunity to participate in the mining complex management.
Currently, “Vallex” group disputes the legitimacy of the acquisition of “Teghut” CJSC shares by the bank judicially, however, it did not file any lawsuits directly against “Teghout” CJSC and does not intend to hamper the operation of the mining complex.
At the same time, we urge all the stakeholder parties to refrain from publication of baseless estimates on the amount of the debt to VTB Bank by “Vallex” group (like statements, that the group owes USD 380 million to the bank) as, such statements may have a disproportionate impact on the case trial.
- “Vallex” group companies, being the largest business enterprises in Lori region for many years, considered this region as a domain of their social responsibility and are interested in stabilization of social-economic situation in the region. We highly appreciate efforts of the government of RA aimed to the restoration of operation of both “Teghout” and “Armenian Copper Programme” CJSC-s. We are also ready to combine efforts with the government of RA in order to resolve the situation as quickly as possible.
One of the important evidences, that we give importance to social stability in the region, is the fact that, despite “Armenian Copper Programme” CJSC hasn’t been working for months and its future operation is still uncertain, the whole staff of the company was paid salary out of “Vallex” group chairman’s own means. And this was exclusively due to Valeri Mejlumyan’s sense of social responsibility, and not the influence of any other factor.
Mass media and PR department of “Vallex” group companies