ArmInfo.The Government of Armenia transferred 15% of shares of Zangezur Copper-Molybdenum Combine (ZCMC) CJSC to the trust management of the Armenian National Interest Fund (ANIF) CJSC. The corresponding decision was made at a government meeting on January 5.
At the government meeting, RA Prime Minister Nikol Pashinyan stated that for the first time the state acquired a share in the "Zangezur Copper-Molybdenum Combine". "This deal seemed suspicious to many people. The fact that the state had been deprived of its main strategic asset for many years, in fact, did not arouse suspicion, while some are trying to find traces of corruption in the fact that the state has acquired a share in it. As a result of corruption, the state does not gain, but loses, in fact, what we have seen for many years, "the prime minister said, adding that the Armenian government will have its own representative at the plant. It should also be noted that in the substantiation of the project it is noted that the Republic of Armenia represented by the Office of the Prime Minister of the Republic of Armenia owns 15.000033% of the shares of Zangezur Copper-Molybdenum Combine CJSC and taking into account the important role of the Armenian National Interest Fund (ANIF) CJSC, as well as the need for more effective participation in the corporate governance of the company, whishes to transfer to ANIF, the management of 15.000033% of the company's ordinary shares in accordance with the trust management agreement, while maintaining state ownership of the shares.
Armenian National Interest Fund (ANIF) CJSC is a state-owned enterprise focused on foreign direct investment. ANIF was founded in 2019 with the aim of consolidating and effectively managing the property of Armenian state-owned enterprises, facilitating the growth of exports and investments in Armenia by providing co-financing for large-scale projects at the initial stage of their development. ANIF specializes in strategic asset portfolio management in Armenia and investment activities. The Government of Armenia accepted as a gift a 25% stake in Zangezur Copper-Molybdenum Combine CJSC from the Russian company Industrial Company JSC. The decision was made by "written vote" and published on September 30, 2021 on the official website of the RA government.
It is noteworthy that according to previously available information, 60% of the shares of Zangezur Copper Molybdenum Combine CJSC (ZCMC), the largest mining company in Armenia, was officially acted by the German company Cronimet Mining (60%), which sold its package of shares. In addition to it, the register of shareholders of the company includes "Yerevan Pure Iron Plant" LLC (15%), "Armenian Molybdenum Production" LLC and "Zangezur Mining" LLC (12.5% each). It also contains the data of Mher Poloskov (citizen of the Russian Federation - former executive general director of ZMMC) with a 7.5% share, Ambaryan Gurgen (RA citizen) share - 2.5%, Akopyan Karen (RA citizen) with a share - 2.5 %, and Mikhail Zurabov (citizen of the Russian Federation, ex-Minister of Health and Social Development of the Russian Federation, ex-Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Ukraine) with a share of 12.5%.
