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Were GBGD's subsidiaries in Armenia declared Bankrupt?

I received a call today from my contact in Armenia confirming that this is actually the case. Not only that a declaration of bankruptcy was issued in April against all GBGD subsidiaries, but that a court appointed liquidator has been named too.

It is a holiday on Monday in Armenia and I expect to get actual court case numbers and other information by mid week.

Nevertheless, in typical Van Krikorian fashion The only reference to this potential bankruptcy was announced in the 10-K, which was filed on May 2, 2016.  No mention of the actual bankruptcy in subsequent events, and no mention of bankruptcy claims ever filed against GBGD's subsidiaries in Armenia, ever.

Mr. Krikorian discloses the following in the last 10-K:

Page 37

The Company is subject to various legal proceedings and claims that arise in the ordinary course of business or which constitute nuisance claims. In the opinion of management, the amount of any ultimate liability with respect to these actions will not materially affect the Company’s consolidated financial statements or results of operations.  The Company has been brought to court by several disgruntled former employees and contractors for unpaid salaries and invoices, respectively, as well as some penalties for nonpayment which totals approximately $280,000.  Some employees and creditors have petitioned for a bankruptcy proceeding against the Company’s Mego Gold, GGM, GGH and Marjan subsidiaries in an effort to leverage higher payments. Local counsel has advised that this effort is not ground in law, should not be upheld, and if it is upheld in Armenia there will be relief in international arbitration pursuant to the U.S. Armenia Bilateral Investment Treaty and the Company’s 2008 settlement agreement with the Government of Armenia. The Company has recorded a liability for the actual unpaid amounts due to these individuals of approximately $158,000 as of December 31, 2015 and the Company has depleted the approximately $25,000 previously deposited at the Armenian Marshall service as security for the claims.  The Company is currently, and will continue to, vigorously defending its position in courts against these claims that are without merit.  The Company is also negotiating directly with these individuals outside of the courts in attempt to settle based on the amounts of the actual amounts due as recorded by the Company in exchange for prompt and full payment."

Bankruptcy cases don't just appear like magic, they are filed and processed over some time. The question remains why was this the only time that Van Krikorian disclosed this potential problem? Van Krikorian has demonstrated a pattern of hiding material facts or just failing to disclose all the facts. These omissions of certain material facts make his disclosures, as filed in his SEC documents extremely misleading.

I refer you back to my blog of November 15, 2015, titled, "Global Gold's Subsidiary and Tukhmanuk Gold Mine, Threatened With Bankruptcy", where on September 18, 2015 a case was filed in Yerevan.(see below).  This is not the only case, there appear to be more, as referenced by Van Krikorian," Some employees and creditors have petitioned for a bankruptcy proceeding against the Company’s Mego Gold, GGM, GGH and Marjan subsidiaries..."

This matter was not disclosed in Q3 or 10-K or in subsequent events.  There has never ever been a mention in GBGD's SEC filings of any potential bankruptcy claims against its subsidiaries until now. Which leads to the question, what else is Mr. Van Krikorian hiding? How about the truth that there is no 2 million ounces of gold at Toukhmauk as presented by GBGD or the GKZ.


Vasilios (Bill) Mavridis
Whistle Blower
Montreal, CANADA


Global Gold Corp's (otcqb:GBGD) subsidiary in Armenia, Mego-Gold, is being sued in a "forced bankruptcy" hearing.

Court Case YEKD / 0286/04/15, was filed on September 18, 2015 by an applicant namedAraqsya Bozhevolnova.  The electronic court document, produced below does not give any further details.

A google translation of the above document reads:

COURT N: YEKD / 0286/04/15
The application has been received. 18-09-2015Bankruptcy type: forcedThe applicantName: AraqsyaSurname: Bozhevolnova
The DebtorFirst Name: Mego Gold LLCAddress: Tumanyan 1 A-2
State fee. 0
Other notes:
Statistics line number.
The JudgeCourt: Kentron and Nork-MarashThe judge's name. AlexeiThe inscription date. 18-09-2015

About this Blog:  Between 2009 and 2012 I was an active investor in the mineral exploration sector in the Republic of Armenia.  Our main project in Armenia was the MARJAN polymetallic gold and silver project located in near Sissian.  My JV partner, Mr. Van Z. Krikorian, President of Global Gold Corp (otcqb: GBGD) and Trustee of the Armenian Assembly of America, used corrupt means including using his influence with the US EMBASY in YEREVAN to secure an indictment against me for theft of the JV and to corrupt the Armenia judicial system to give him a favourable ruling.

Mr. Van Z. Krikorian is the President, CEO and Legal Counsel of Global Gold Corp. (otcqb:GBGD), a penny stock listed on the OTC  markets. His public filings with the US Scurities and Exchange Commission  fail to fully disclose the reality on the ground in Armenia in the promotion and development of GBGD's gold project, the TOUKHMANUK GOLD MINE.

This blog is an effort to bring transparency of the activities of Global God Corp. (otcqb: GBGD) and Mr. Van Z. Krikorian in Armenia.

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