MARCEL VICHMANN INVESTED MILLIONS OF DOLLARS IN DIGGING GOLD IN ARMENIA

Baltic Business News
Sept 27 2011

Estonian businessman Marcel Vichmann admits that he has invested
millions of dollars in the exploration and mining of gold and copper
in Armenia.

Vichmann started the gold mining project in Armenia after GILD
Arbitrage, an investment fund that had invested hundreds of millions
of kroons placed by some of Estonia~Rs richest businessmen in Armenia
in 2007 and 2008.

The investment fund had gold exploration rights for seven properties,
but soon went bankrupt when it could not meet its investors~R demands.

Vichmann who was a major creditor of GILD Arbitrage now owns four of
the seven licenses. He has also denied media claims that he received
the licenses as a gift from GILD Arbitrage.

In 2010 Äripäev ranked Vichmann Estonia~Rs 12th richest businessmen
with assets worth some 1.24 billion kroons. He has extensive real
estate holdings, owns rail passenger and bus transport companies,
and industrial enterprises.

From: Emil Lazarian | Ararat NewsPress