Global Gold Corp (GBGD): Extortion and Fraud In Armenia

While visiting the PDAC, the international mining convention in Toronto, I met representatives of the Armenian Government at the Lydian booth. It was confirmed to me that Global Gold's project in Armenia is BANKRUPT. I have always said that the 2 million ounce GOLD resource that Van Krikorian was promoting at TOUKHMANUK was a complete fraud. Global Gold Corp is now defunct and delinquent and no longer files any financial statements. Don't be fooled by the $3.00 price quote, GBGD has rolled-back its shares 251x and now has approximately 386,000 shares outstanding. The company has transferred all its assets to its officers and directors and left $20 million in debts behind. Now its flagship asset is bankrupt, leaving behind unpaid salaries and unpaid bills in Armenia.

It's time to say goodbye to Global Gold Corp  (pink: GBGD) and its sketchy President,  Van Krikorian . After years of defrauding employees and suppliers in the Republic of Armenia out of hundreds of thousands of dollars, swindling joint venture partners out of over US$12MM, and partially embezzling and money laundering these proceeds, its time to say goodbye to Global Gold Corp (pink: GBGD) and its President, CEO, Chairman, Director and Corporate Counsel,  Van Krikorian . On December 4, 2017, GBGD through the fraudulent actions of its President, Mr. Van Krikorian  along with the complicit support of its Board of Directors, transferred all of GBGD's assets and claims to its officers and directors, consolidated its shares 251:1, ceased becoming a reporting issuer, and went dark, leaving behind US$20,917,023 in liabilities, broken promises. dreams and a trail of fraud. I am sure that this tale is not over.  With the assets of GBGD in the hands of Va...

Global Gold Corp ( PINK:GBGD ) is  $20,917,023 in debt , so what does Mr. Van Krikorian , the President, CEO and Director of the Company do? He conspires with his fellow directors and officers of the company to reclassify $6,463,255 of that debt, which is owed to them, as secured promissory notes, to the detriment of its other creditors and secured creditors. Van Krikorian announced on November 1, 2017, in the company's June 30, 2017, 10-Q report , that these secured promissory notes were issued on July 1, 2017, and interest and principal were due on September 1, 2017. What was the security granted to Mssrs Van Krikorian , Drury Gallagher , Ian Hague , Lester Ceasar and Jan Dulman ? Everything . And now these newly issued secured promissory notes are in DEFAULT. These officers and directors have been involved with the Company almost from the beginning where the stock climbed to a high of $3.80 in May 2006 and now rests on its deathbed...

Global Gold Corp (GBGD) shares have finally been re-listed on the OTCQB from the PINK sheets. GBGD shares were dropped because it failed to timely file their year-end and quarterly financial statements. Now that the F/S are filed, here are some highlights for GBGD: The company has $54,164 in cash and $20,350,985 in debts Its Armenian subsidiary (Mego Gold LLC) that owns their Toukhmanuk Gold Mine has been declared bankrupt by Armenia's Cassation Court JV partner Linne Minning at Toukhmanuk, has filed a creditor claim of $30,000,000 in the bankruptcy of Mego Gold They need $5,000,000 to fund their Marjan Project in southern Armenia What can one say about a company run by Mr. Van Z. Krikorian , President, CEO, Director and  Lawyer, and Mr. Ian Hague , Director and Principal of hedge fund Firebird LLC (www.fbird.com)? Mr. Ian Hague had made director loans to Global Gold which amounted to $5,052,262, including interest. In order to clean up the books...

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: https://www.sec.gov/Archives/ edgar/data/319671/ 000143774916030518/ gbgd20151231_10k.htm Page 37 " General The Company is subject to various legal proceedings and claims that arise in the ordinary course of business or which constitute nuis...

On July 5, 2013,  GBGD  and Mr.  Van Krikorian  (President and CEO) signed a deal with Linne Mining to act as the CONTRACT MINER for the development of its  Toukhmanuk  Gold Mine, in Armenia. By November 2015, Van Krikorian announced in its SEC quarterly filings ( 10-Q ), that the Toukhmanuk project was delayed because the contract miner "requested" to be relieved of its obligations under the mining  contract   agreement. To this date,  Van Krikorian  has failed to post a copy of Linne Mining's letter or provide any clarification to investors, why Linne Mining requested to be "relieved" of it obligations.  Three months later, the reason for Linne Mining's actions have started to become crystal clear. Linne has been swindled by Van Krikorian and GBGD. There is no gold worth mining at the Toukhmanuk Gold Mine. Here is the proof. Two documents, which were prepared for Linne Mining, surfaced on the web last week. These t...

On March 31, 2015, the Human Rights Defender of Armenia, Ombudsman Karen Andreasyan , published his Annual Report examining the activities of 25 Armenian government agencies and compiled 167 systemic problems which have violated the human rights of thousands of people in Armenia. Pages 173-175 of the Ombudsman's Annual Report deals with the Human Rights abuses against the residents of Meliq Village where   Mego-Gold LLC   (a subsidiary of Global Gold Corp) has been trying for 4 years to get its third tailings dam approved for its Toukhmanuk Gold Mine. (see  http://extortion-in-armenia.blogspot.ca/2014/10/local-villagers-at-meliq-oppose-gbgds.html ) The chief provocateur of the Meliq Community is none other than Mr. Van Z. Krikorian , the President, CEO, Chairman, Director and Legal Counsel of Global Gold Corp, a penny stock listed on the otcmarkets (otcqb:GBGD), that controls the Toukhmanuk Gold Mine. Surprisingly, Mr. Van Z. Krikorian is also the co-ch...

http://aarhus.am/?page_id=8337&lang=en On December 22, 2014 The Armenian based environmental NGO, EcoRight, filed a request with the Ministry of Nature Protection of the Republic of Armenia to commence a criminal investigation against Mego-Gold (Global Gold subsidiary that operates the Toukhmanuk Gold Mine) for violating the laws of Armenia, and more specifically:  * embezzlement of state property through fraud;  * tax evasion through false entrepreneurship, hiding overpayments and other gained material benefits, which has caused major damage to the citizens of the Republic of Armenia;  * Performing illegal commercial activities without a special permit (license) to carry out entrepreneurial activities subject to licensing;  * violation of rules in implementing environmental safety activities;  *  features of crimes in violation of rules of mineral resources conservation and use.  On January 16, 2015, The AArhus website ( http://aarhus.am ...

January 21, 2015 United States Securities and Exchange Commission RE: GLOBAL GOLD CORP (GBGD) File No:  002-69494 Mr. John Reynolds, Assistant Director US Securities and Exchange Commission ReynoldsJ@sec.gov Ms. Tia L. Jenkins   Senior Assistant Chief Accountant   US Securities and Exchange Commission  J enkinsT@sec.gov  Mr. John Coleman, Mining Engineer   Division of Corporate Finance  US Securities and Exchange Commission  ColemanJ@sec.gov Dear Mr. John Reynolds, Ms. Tia Jenkins and Mr. John Coleman, Global Gold has failed to fully disclose its affairs in Armenia since 2008. It is relatively easy for them to hide the truth because material contracts and public documents are only posted in Armenia and only in the Armenian language. Furthermore a number of material contracts have not been posted in SEC filings or the website of Global Gold Corp, namely  Mining Contract No 287  regarding...