RA GOVERNMENT APPROVED DRAFT WORLD AGREEMENT WITH GLOBAL GOLD MINING LLC

ArmInfo
2007-09-13 17:02:00

Today, RA Government approved the draft world agreement with the
Global Gold Mining LLC and authorized deputy Prosecutor General Gagik
Jangiryan to sign an agreement on behalf of the government with the
aforenamed Company, the governmental press-release reports.

It is scheduled to sign the world agreement in view of the Global
Gold Mining Company’s claim against the Armenian government in the
International Center for settlement of the investment disputes in
Washington (the World Bank’s structure).

To recall, in the beginning of March, 2007, the Global Gold Mining
appealed to the International Center for settlement of the investment
disputes in Washington with requirement to start arbitral proceedings
against RA government. The Company’s interests on the court are
protected by the King & Spalding legal company. The Armenian government
in the person of the former RA Minister of Nature Protection Vardan
Ayvazyan is accused of impeding the GGC’s activities. In particular,
the minister refused to extend the terms of license for exploitation
of some deposits. The problems for the American Company started
after V. Ayvazyan was repulsed a request of giving him a bribe of
several million US dollars. The legal company’s representative said
that the minister, thus, violates the agreement between the USA and
Armenia on mutual protection of investments and their protection
from expropriation.