Friday, August 21, 2015

Van Krikorian and GBGD (otcqb: GBGD) Signed a Deal With Known Convicted Felon and Received $3.9MM of Funds

Whether knowingly or unwittingly, but definitely inexcusably,  on October 27, 2010, GBGD sold its Chile interest to Conventus Ltd, a BVI registered company, owned by Johan Ulander, for $5,000,000 with a requirement to start mining the Chili Assets by August 2011.

GBGD received US $3,891,155 of the $5MM which now appear to have been fleeced from elderly investors in Sweden in an apparent PONZI scheme, that peddled over US $36 million "low-risk" bonds to investors promising a 10% return.

About the Ponzi Scheme
According to an article published October 6, 2013 by news aggregator "Scandinavian Companies and Markets" (, the Swedish Economic Crimes Bureau is investigating a large tangle of interrelated companies owned by Johan Ulander.

(see article "Thousands of Swedish Pensioners Hit With Manipulation In Savings", October 6, 2013).

Background on John Ulander
In 1997, The Helsinki Court sentence Johan Magnus Eina Ulander to 7 years in Jail for his role in the Southern Finland Real Estate Scam. Mr. Johan Ulander was indicted in 1994 for sixteen felony fraud charges, six of the debtor's dishonesty, accounting offences and security law violations. The Helsinki Court of Appeal reduced the sentence to five years' imprisonment.

Mr. Ulander was released from jail in 2004.

GBGD sues Johan Ulander et al.
GBGD never received the balance of payments from Amarant and lost control of its Chili assets.

GBGD and Van Krikorian pursued Johan Ulander, Amarrant and Alluvia in Arbitration and on June 26, 2014, the ICDR International Arbitration Tribunal in the matter of Global Gold Corporation vs. Amarant Mining LTD and Alluvia Mining, Ltd. awarded GBGD $16,800,000 USD plus $68,570.25 USD in interest, costs, and fees, all accruing interest at 9%. In addition, the Tribunal provided the following injunctive relief:

“ Per my previous orders in this matter, each of Amarant and Alluvia, including its officers and agents individually (including without limitation Johan Ulander), is continued to be enjoined, directly and indirectly, from alienating any assets, from transferring or consenting to the transfer of any shares, or performing or entering any transactions which would have the effect of alienating assets pending payment to Global Gold; each of Amarant and Alluvia, including its officers and agents (including without limitation Johan Ulander) will provide within 5 business days all contracts, draft agreements, emails, records of financial transactions, financial statements, and all other documents in connection with their business affairs for purposes of determining whether Respondents have complied with the July 29, 2013 and subsequent orders, have diverted funds which could have been used to pay Global Gold, and to aid Global Gold in collection. Respondents shall specifically provide of all documents related to Gulf Resource Capital, Amarant Finance, the IGE Resources stock sale and related transactions as well as documents related to the institutions from which Respondents have represented payment would issue including but not limited to: Mangold, Swedebank, Jool Capital, Skandinavska Bank, Credit Suisse, HSBC, Volksbank, Loyal Bank, Danskebank, NSBO, the “offtaker,” and Clifford Chance escrow account. Respondents shall execute any documents reasonably necessary or required by any institution to give Claimant access to this information and documents”

According to a recent article published on in April 2015, Mr. Johan Ulander and friends are currently restructuting their companies but still apear to be under criminal investigation. 

What Matters Here
BUT THE BIG how did Van Krikorian, the CEO and Legal Counsel for GBGD even enter this deal without doing basic KYC background search?   I personally find it hard to believe that Van Krikorian did not know anything about the the background of his business associate Johan Ulander. 

The next question is; As the criminal investigation continues, and it is discovered that money taken on a ponzi scheme in Sweden ended up in GBGD's possession will GBGD have to return these illegal proceeds?


About this Blog:  Between 2009 and 2012 I was an active investor in the mineral exploration sector in the Republic of Armenia.  Our main project in Armenia was the MARJAN polymetallic gold and silver project located in near Sissian.  My JV partner, Mr. Van Z. Krikorian, President of Global Gold Corp (otcqb: GBGD) and Trustee of the Armenian Assembly of America, used corrupt means including using his influence with the US EMBASSY in YEREVAN to secure an indictment against me for theft of the JV and to corrupt the Armenia judicial system to give him a favourable ruling.

Mr. Van Z. Krikorian is the President, CEO and Legal Counsel of Global Gold Corp. (otcqb:GBGD), a penny stock listed on the OTC  markets. His public filings with the US Securities and Exchange Commission  fail to fully disclose the reality on the ground in Armenia in the promotion and development of GBGD's gold project, the TOUKHMANUK GOLD MINE.

This blog is an effort to bring transparency of the activities of Global God Corp. (otcqb: GBGD) and Mr. Van Z. Krikorian in Armenia.

Thousands Of Swedish Pensioners Hit With Manipulation In Savings
Sunday, 06 October 2013
A large tangle of investment fraud is being rolled up by the Swedish Economic Crimes Bureau, which will have heavy consequences on pensioners who had hopped to have been involved in a form of attractive savings.

At the centre of the scandal is among others, the Finnish businessman, Johan Ulander and Eniro's former CEO, Lars Guldstrand, who is also the key persons in the saga that also entangled two troubled mining companies, Mineral Invest International and IGE Resources, a Scandinavian mineral resource company based in Stockholm  which are said to have played with pensioners' savings.

The story goes that individuals, often-wealthy retirees have been encouraged to invest several hundred million of Swedish Kornor into four different corporate bonds. These bonds would earn them interest rates of up to 12 percent - that was the promise.
Swedish pensioners feared to have lost millions to bogus investors / Granscole/ file image
The set-up was almost identical in all four bonds, which went under the names Contender. Companies in Dubai issued the bonds, which are then marketed by asset managers in Sweden, writes the Swedish business daily, Dagens Industri.

The ring of the confusing spaghetti node continues that the plan presented was that, the Dubai companies would lend money to two other companies: Ducom, a commodities trading company in Dubai, and Conventus, Commodities Minerals & Mining (CCMM), a mining company registered in the British Virgin Islands.

The spaghetti spinner in the commodity trading and mining company is Johan Ulander, a businessman previously sentenced for Economic Crimes in Finland. According to the Swedish business paper, he controls both companies. He is also said to have connections with the Dubai Companies which sent out the bonds.

Today things are not looking good for the Swedish pensioners who invested or saved their pension plan in Johan Ulander companies and bonds. In June, they were informed that Johan Ulanders commodity trading and mining company could not pay back Skr227 million and interest on it - about  Skr 14 million, a total of Skr241 million. This has led the shares of Lars Guldstrand's investment company, GKL growth capital, to collapse in value. GKL describe itself as a private equity fund, challenging management strategies and business plans, striving for full potential as products, technologies and market evolve.

According to sources close to the Swedish business daily, Dagens Industri, the investigation into the bonds had been going on since 2011 by the Swedish economic crime bureau  when the matter was moved from the International Public Prosecution Office to economic crimes bureau. Since the fall of 2012 the lead investigator and prosecutor, Stig Åström has declines to answer any questions about the investigation.

The suspected fraudsters are closely linked to the Swedish mining companies, which are currently facing their own economic crisis. The companies, Mineral Invest and IGE Resources have in the past year both done business with two companies operating in the Johan Ulander's business sphere: Alluvia, registered in Jersey, and its major shareholder Amaranth, which is registered in the British Virgin Islands.

Can anyone trace the spaghetti node?

For us we know that some Swedish pensioners have been screwed off some of their hard earned retirement money by some unscrupulous scammers who have not come from Eastern Europe or African. They are real Swedes.

By Team

Johan Ulander, Conventus Mining and Amaranth
(translated from Finish to English using Google Translate)

Ulander a new judgment of the Court of Appeal remained

COUNTRY   20/08/2002 | STTTEXT SIZE +
Over the years, the casino business has become known as a man Johan Ulander, 34, suffers a 11-month prison sentence for two aggravated fraud and aggravated forgery.Helsinki Court of Appeal issued Tuesday by the story, which has been around in different legal avenues already twice.
For the first time the district court case was in 1999. At that time, the Helsinki District Court ruled that Ulander in the same District Court in 1997, sentenced to seven years in prison was sufficient punishment for these crimes also.
Heavier sentence was added to a number of financial crimes in the so-called great in Southern Finland real estate scam case. The Court of Appeal, however, dropped in 2000, the real estate scam case judgment to five years in prison, after which the prosecutor will no longer be satisfied with the outcome of the second story.
The prosecutor appealed to the Supreme Court, which in December last year were able to clear the judgment, and exceptionally restored fraud and väärennysjutun the lower courts to measure the punishment again.
During the second round of treatment last March Ulander Helsinki District Court sentenced 11 months in prison, the Court of Appeals held in its decision now in force.
The judgment came in 1993-94 for crimes committed. In the first case Ulander partners sold the two properties in concealing the buyers that they had already been sold on. The second was a case of fraud Ulander commissioned by a property holder of counterfeit notes, which he gave as a pledge for its own debts.
(translated from Finnish to English using Google Translate)

Ulander fraud judgment is measured by new

COUNTRY   12/05/2001 | STTTEXT SIZE +
Businessman Johan Ulander the year before last conviction of two of aggravated fraud and aggravated forgery is measured again.
The Supreme Court (Supreme Court) decided to cancel the judgment and return the case to the district court to impose a new penalty.
Ulander was even before the Helsinki District Court by fraud and sentenced to a so-called väärennystuomiota. a large southern Finnish real estate scam story seven years in prison a number of financial crimes.
The district court combined the penalties and reasonable judgment, holding that seven years was a sufficient penalty on a smaller story imputable crime.
That changed a year later, when the Helsinki Court of Appeal reduced the real estate scam story Ulander Court to five years' imprisonment. The prosecutor does not have to be moderated prison sentence longer a sufficient sanction for a smaller affair and called for the reversal of the judgment.
The Supreme Court granted leave to appeal to the prosecutor.Also, the Supreme Court held as an essential change made by the Court of Appeal judgment in the real estate scam that was used on a smaller story based on the combined penalty moderation.
Among other things, a number of penalty assessment of the key points of accused rejected until the Court of Appeal.
The Supreme Court considers that the significance of the change is not obviously a minor penalty in terms of moderation, in the light of the treated cases of fraud and counterfeiting of quality.
The Supreme Court decided by 4-1 to restore the fraud and väärennysjutun the District Court for re-measurement of penalty.

KOP's leader was cited for assistance in fraud in series

OLLI HERRALA Kauppalehti 22.12.1997, page 5
KOP's ex-head Christer Antell, 55, was sentenced to years in prison on Friday. Assistance in cases of serious fraud brought in five Antell for a conditional sentence, the probation period ends in June 2000. further held that Antell promoted in 1992 to the fraudulent shares in housing sales. For sale townhouse property was attached and pledged elsewhere, but Antell still promoted Asunto Oy, Espoo Iivisniemi Sea port of equity trades. - Antell must be considered knowingly issuing false information about the company's situation, equity security, as well as the holder of the bonds retention, the district court's assessment. Deputy Judge Antell work KOP in the Legal Service Manager and then as the Head of Risk Management. Since then, Antell sat KOP's largest corporate-office. Antell is also known as the Helsinki kunnallispoliitiikasta. * - Antell small part of the huge mess - * - Antell is not only the training, experience and also the position, have understood the importance of wrong information is provided has been of shares to buyers, the district court defined the damage. Finnish conditions, the gigantic economic criminal contempt for violation the main factor, businessman Johan Magnus Einar Ulander, 29, was on Friday, a seven-year jail sentence. Finland's most famous nominees included Ulander got a judgment mm. sixteen felony fraud, six of the debtor's dishonesty, accounting offenses, the registry entry of crimes, security law violations and fraud.Maximum judgment in the background is a very multi-faceted, "business", with their own game find it in due course, Tampere Jari Jarmo Tanner and Jukka Hermann Malminen, Tikuna and Takuna known duo. During the period 1990 - the arrangements made ​​in 1994 indicate Ulander the activity of real estate, automotive and marine trade. A wide range of "trade" funding of Turku Master Funding Ltd. - Agreement in full without any security, was typical of the ultimate outcome.