In response to the inadequate information spread recently in various mass media about “Vallex” Group Companies and the Chairman of the Group,  in the context of covering the bankruptcy process of  “Armenian Copper Programme” CJSC, “Vallex” group companies report:

  • As from October 3, 2019 “Armenian Copper Programme” CJSC is actually no longer a part of “Vallex” Group: Russian bank VTB, within the framework of the agreements signed in the scopes of Teghout copper-molybdenum mine investment program, on October 3, 2019, has owned the 100% of the authorized capital shares of “Armenian Copper Programme” CJSC, taking the whole control over “Armenian Copper Programme” CJSC and replacing its Head of Executive Body (Director). Though, the ex-owner of the shares of “Armenian Copper Programme” CJSC disputes his property’s illegal confiscation, since October 3, 2019, “Vallex” Group Companies, anyway, have no control and/or influence over “Armenian Copper Programme” CJSC, and no relation to the current bankruptcy process.
  • From the day of the resumption of copper smelting in 1997 with the investment of “Vallex” Group, until being owned by VTB Bank, the activity of “Armenian Copper Programme” CJSC, due to many circumstances, has always been on the verge of profitability and loss, being financially risky. During all this period, “Armenian Copper Programme” CJSC has never provided profits to the shareholders. Nevertheless, giving priority to the social significance and role of “Armenian Copper  Programme”  CJSC in the life of Alaverdi city and its population, “Vallex” Group Companies utmostly kept the existing jobs. Even in the situation after October 2018, when the production activity of “Armenian Copper Programme” CJSC was actually suspended and the Company had no financial flows, “Vallex” Group was cooperating with RA Government trying to find ways. The Company developed long-range plans on production recovery and submitted them to the Government for approval, realized pilot production projects, paying salaries for many months to the Company’s employees at the expense of other companies of the Group. Obviously, the reasons for the bankruptcy of “Armenian Copper Programme” CJSC and the unemployment of hundreds of people should be found not in the actions of “Vallex” Group Companies, but in the actions of the current managers.

Mass media and PR department of “Vallex” group companies