The Armenian National Assembly’s Standing Committee on Economic Affairs today voted down a Bright Armenia bill that would mandate the release of the names of legal entities who own less than 10% shares in mining companies operating in Armenia.

Currently, these names are kept secret from the public.

Bright Armenia MP Gurgen Yeghiazaryan urged the parliament to approve the bill, arguing that such transparency is necessary especially in the case of large mining companies.

“In the case of large mines, about 10% of small shares are offshore companies, and the public is unaware, so please vote in favor," Yeghiazaryan said, stressing that there had been conflicting reports in the media about the owners of the Amulsar mine.

Im Kayl MP Hayk Gevorgyan, who chairs the Standing Committee on Economic Affairs, said that the 10% threshold is accepted international practice and that the bill would do little to increase transparency.

Bright Armenia faction head Edmon Marukyan, addressing the parliament, noted that years ago some politicians lobbied for the names of the real owners of the mines be made totally public, and now, some in the committee representing the prime minister are arguing that the 10% cushion shouldn’t be touched.