In the structure of ContourGlobal Company that acquired “Vorotan” Hydro Cascade, there are some companies that are also registered in offshore zone. In the conversation with Aravot.am, Ara Hovsepyan, representative and Consultant of an American company, responding to our question of whether ContourGlobal company that has became the owner of the complex of large and important hydro-electric stations in Armenia is registered in an offshore zone, said, “It is a major American company, its structure involves companies registers both in the United States and other countries. There are companies in this corporation that are registered in offshore, and there are companies where the offshore rules are not functioning. It’s a big corporation, and it is wrong to say whether it is an offshore or not. The headquarters office is in New York.” As presented by Mr. Hovsepyan, such major companies that conduct business in various countries around the world, is a normal practice to have various companies in their corporation that are registered in different countries, including offshore. ContourGlobal has more than 30 factories and power plants in 20 countries of 4 continents. It deals with wind, solar, all energy production, except for nuclear.
And they have companies registered in these various countries, whose founders could be other companies.” As per information of Aravot.am, soon, Sasun Khachatryan, head of “Vorotan” Hydro Cascade, will resign, and his position will be “owned” by Ara Hovsepyan. To recall that Mr. Hovsepian was the former director of “Millennium Challenge” Armenian Office and “North-South road investment program PIU” SNCO. In this respect, Mr. Hovsepyan said, “There is no such arrangement, there is an agreement that I somehow can be involved, but in what shape or position, it has not been discussed yet. Such a topic was not discussed with me. Now, I am involved in the company as a consultant, however, anything is possible. So far, I have supported for the deal to be held by the American company.” Aravot.am tried to find out the rumors from Sasun Khachatryan, Director General of “Vorotan” Hydro Cascade, but we were assured from the office that he does not go to work, he is on vacation and has departed from the country. To remind that, yesterday, a sale and purchase agreement was signed between the Government of Armenia and ContourGlobal on “Vorotan hydroelectric complex” estate, the American company purchased “Vorotan” Hydro Cascade by 180 million dollars.
Nelly Babayan
