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N.Y. District Court Orders $37.5 Million Seized From Former Environment Minister Ayvazyan
In a judgement dated September 5, 2012, the U.S. Southern District Court of New York ordered the U.S. Marshall of the same district to seize $37,537,978 from Vardan Ayvazyan to be paid to Global Gold Mining LLC.
Vardan Ayvazyan, a former RA Minister of the Environment, had been sued by Global Gold for exerting undue pressure on one of its subsidiaries that was the license holder for the Hankavan mine in Armenia.
$25.152 million constitutes compensatory damages and $10.385 million is for penalties with interest dating back to 2008.
In 2006, according to the rules of the International Chamber of Commerce, the company filed for arbitration in Paris.
In 2008, the U.S. Southern District Court of New York ordered Ayvazyan to appear before the ICC for arbitration.
Later that year, the ICC’s International Arbitration Court decided that Ayvazyan must be recognized as a litigant as per the 2008 District Court’s verdict.
In March of this year, Global Gold Mining filed a brief with the N.Y. Southern District Court demanding that it issue a ruling regarding Ayvazyan based on the prior ruling of the same court.
This new decision will probably not impact Ayvazyan since the United State and Armenia have no treaties regarding the seizure of assets.
The only practical implication is tat Ayvazyan will be barred from entering the States.
Global Gold’s attorney told Hetq that the decision and Marshall’s writ have been forwarded to Ayvazyan at his addresses in Yerevan and Charentsavan.
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