In a recent News Release from Caldera, information was brought forward that Mr. Van Krikorian, as CEO of GBGD, and his Lieutenant in Armenia have been involved in the misappropriation and embezzlement of investor funds destined to gold ming projects in Armenia.
Excerpt: Bill Mavridis, the President of Caldera commented: “While this communiqué dates back to July of 2011, I recently received new information from a third Party confirming that this criminal investigation, which began on March 23, 2011, has now morphed into a much larger investigation. The investigation now includes elements related to the misappropriation of millions of dollars of investor funds, which were destined for GBGD’s gold mining projects in Armenia.
“The source states that the investor funds were substantially misappropriated and partially embezzled at GBGD through the actions of Mr. Van Z. Krikorian, GBGD’s Chairman, CEO, and Corporate Counsel, by Mr. Ashot Poghosyan, GBGD’s General Manager in Armenia and by Mr. Jan Dulman, GBGD’s Chief Financial Officer. Mr. Ian Hague, Member of the Board of Directors of GBGD and GBGD’s controlling shareholder, apparently supported the alleged misappropriations. Mr. Hague is also a founder of Firebird Management LLC ( http://www.fbird.com), a hedge fund manager operating out of New York, NY, which is a major investor of GBGD.”
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