Armenia's ore mining companies obliged to reveal their real owners

Tue 23 Apr 2019 17:24 GMT | 21:24 Local Time

Text size: bigger smaller

Armenia's Parliament amended the law on earth entrails at its regular session today.

The amended law obliges the country’s ore mining companies to reveal the names of their real owners.

Armenian Deputy Territorial Administration Minister Lilia Shushanyan said that the amendment of the law is aimed at revealing all real owners of ore mines, even in offshore zones. If they defy the requirement, their companies will become subject to sanctions – their companies’ activities will be ceased or their licenses will be voided.

The open list of real owners is planned to be composed in Armenia, ARKA reported.

Legal entities were considered as owners before, while now companies are obliged to reveal all names and 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.

The amended law comes into force no earlier than in November 2019, since time is needed to adopt all necessary legal acts.




Most read articles

More from Armenia

In The Region

Editor's Picks

Azerbaijan Cuisine

Explore the food of Azerbaijan - from sherbet to succulent kebab, from baklava to fragrant pilaff

Follow us

Find us on Facebook

Real estate

Virtual karabakh