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Former Armenian President Robert Kocharian called the government’s nationalization of part of the shares of the Zangezur Copper-Molybdenum Combine as the highest corruption.

On September 30, 2021, Industrial Company JSC (100% subsidiary of Geopromining Armenia) acquired 60% of shares in Zangezur Copper-Molybdenum Combine CJSC (ZMMK). 25% of the shares of ZMKK belonging to the Industrial Company JSC were donated to the government of Armenia (we are talking about 412,250.75 ordinary shares of ZMKK with a par value of 20 thousand AMD). Thus, 15% of the total capital of ZCMC passed into the possession of the Republic of Armenia, and the office of the Prime Minister of Armenia was appointed as the authorized body managing the shares.

“This is probably the darkest deal with incomprehensible logic in the history of Armenia. It is not clear why some kind of donation is being made, and the management of this share is transferred to the office of the Prime Minister. This is absurd,” Kocharian said at a press conference on Monday.