Offshore company controls a significant part of Armenia's mining industry
Another high-profile criminal case was launched in Armenia this week. The charge: “restriction of competition”. According to the Investigative Committee, several companies and individuals bought shares of 19 mining companies. These shares were then resold to other offshore companies that are registered in the Cayman Islands. At the same time, shares of 17 companies went to one offshore structure.
“We see risks here regarding the fact that most of the market is controlled by one company. We can talk about limiting competition as well,” noted the State Commission for the Protection of Economic Competition.
The authorities in charge of the investigation have yet to name the company in question. Law enforcement agencies are now tasked with figuring out how the shares of 17 companies ended up in the hands of one.