YEREVAN, February 21. /ARKA/. The Armenian government approved today at its regular meeting amendments to the law on earth entrails. The amendments imply to open names of all real shareholders of the country’s ore mines.
Garegin Baghramyan, acting energy infrastructures and natural resources minister, said that the amendment is aimed at enhancement of transparency of management of the mining industry.
“The amendments will make it possible to reveal the real owners and shareholders of the ore mines up to the companies registered in offshore zones, which will be obliged to name all real shareholders regardless of the size of their share,” he said.
Real owners of ore mines will be obliged to submit income declarations.
If they defy the requirement, their companies will become subject to sanctions – their companies’ activities will be ceased or their licenses will be voided.
An open list of real owners is planned to be composed in Armenia.
Remarkable is that legal entities were considered as owners before, while after adoption of the amendments, companies will be obliged to reveal all affiliated entities, including those in offshore zones.
The amendments also propose new sanctions, such as termination of the license validity, while now the law implies only one sanction – warning or temporary termination. –0—