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Bill Mavridis
bmavridis@gmail.com

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Global Gold Corp (otcqb: GBGD) Manager and Director Accused of Misappropriating Funds From Investor
The COMPLAINT outlines that the President of GBGD, and its controlling shareholder and director conspired to defraud its investor, CRA, of $7MM and retain the benefit of the capital infusion for GBGD.

BriefingWire.com, 1/08/2014 - Montreal - January 8, 2014 - Bill Mavridis, whistleblower and blogger reports:

It appears that a disgruntled employee of Global Gold Corp. [URL=http://www.otcmarkets.com/stock/GBGD/quote](otcqb: GBGD)[/URL] from Armenia, (which there are many of) decided to expose his former employers and dropped off some files to my attention. In that file was a copy of a "Derivative Action Complaint" which was prepared by Consolidated Resources Armenia (CRA), GBGD's latest victim.

The COMPLAINT outlines that Mr. Van Krikorian, the President, Director and Corporate Counsel of GBGD, and Mr. Ian Hague, independent director and controlling shareholder of GBGD (and founder of FireBird Management) conspired to defraud its investor, CRA, of $5MM capital investment and $2MM Note and retain the benefit of the capital infusion for GBGD.

CRA owns 49% of the Joint Venture known as Global Gold Consolidated Resources (GGCRL), and GBGD ("GGC") owns 51%.

Mr. Ian Hague and Mr. Van Krikorian abused their powers as directors of GGCRL and GBGD in order to commit the worst kind of fraud – specifically blocking receipt by GGCRL and depriving CRA investors of all of its Armenia mining assets while seeking to extort millions of dollars in cash and equity illicitly from CRA in exchange for allowing the obligatory asset transfer to occur.

This COMPLAINT was prepared on behalf of CRA by DORSEY & WHITNEY LLP, which is one of America's top 100 LAW FIRMS.

A full copy of the complaint can be accessed at:[URL]https://app.box.com/s/ahxtsdseh5oswojazcq6[/URL]

or by [URL=https://app.box.com/s/ahxtsdseh5oswojazcq6]clicking here[/URL]

Some of the more egregious items outlined in the COMPLAINT accuse Mr. Ian Hague and Mr. Van Krikorian of the following:

"Krikorian and Hague have refused without justification to bring about the transfer of key assets to GGCRL, assets essential for it to conduct its business and deliver shareholder value. Krikorian and Hague have failed to assist in the transfer of these assets, as a means to coerce egregious employment terms for Krikorian and to alter the terms of the joint venture for the benefit of GGC and themselves personally, at the expense of the other joint venture partner, CRA. Krikorian and Hague have perpetuated a series of improper actions undermining GGCRL’s business, including:

(i) concealment and misrepresentation of substantial GGC liabilities, including tax liabilities that posed material risks to the assets to be transferred to GGCRL;

(ii) fraudulent transfers of corporate funds to personal bank accounts of GGC officers;

(iii) misappropriation and misuse of corporate funds, and

(iv) self-dealing. (2)"

"Rather than take steps as directors of GGCRL to ensure that the Closing took place, Krikorian and Hague have caused GGC to block the Closing and have attempted to extract more value for GGC and themselves, at the expense of CRA and GGCRL. (62)"

"Krikorian even expressly indicated at a GGCRL board meeting that he and Hague intend to persist in blocking the Closing until they “get what they want”—simply ignoring their duties as directors of GGCRL. (64)"

View complete blog at:

[URL]http://ian-hague-firebird-and-gbgd.blogspot.com[/URL]

For Additional Information

Bill Mavridis

Montreal, Canada

514-813-9200

 
 
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