The authorities effectively seized the Electric Networks of Armenia (ENA) operator from billionaire Samvel Karapetian’s Tashir Group in July shortly after he was arrested on charges stemming from his strong criticism of Prime Minister Nikol Pashinian’s campaign against the Armenian Apostolic Church.
Karapetian was also charged with tax evasion, fraud and money laundering following his subsequent decision to set up a new opposition group to challenge Pashinian’s party in Armenia’s next parliamentary elections due in June 2026. The Russian-Armenian tycoon, who was moved to house arrest late last month, rejects all the accusations as politically motivated.
The Public Services Regulatory Commission (PSRC), a body headed by a political ally of Pashinian, formally revoked Tashir’s operating license on November 17. The decision meant that ENA can be nationalized if the two sides fail to agree within the next three months on its sale to another investor. In that case, Pashinian’s government will have to pay Tashir hefty compensation equivalent to ENA’s market value.
According to Davit Ghazinian, a Tashir representative who managed ENA until July, the government has still made any offers to Karapetian regarding the future of his biggest asset in Armenia.
“Considering what they want to do -- I won’t go into details -- I don't think it will work. Their plan doesn't match ours,” Ghazinian said without elaborating.
“Samvel Karapetian will fight for ENA until the end, understanding very well what is happening and how much worse things will get,” he told a news conference.
The government forcibly took over ENA’s management in July, accusing its parent company of mismanaging the country’s power distribution network. Tashir rejected the accusations before appealing to the Arbitration Institute of the Stockholm Chamber of Commerce (SCC). It is seeking $500 million in damages for what it calls an illegal “expropriation.”
Later in July, the SCC ordered the authorities in Yerevan to refrain from confiscating ENA, changing ENA’s top management or revoking Tashir’s operating license pending a verdict in the case. They ignored the order.
Critics view the seizure of ENA as a serious blow to Armenia’s business reputation. They say it will scare away major foreign investors who have already shown little interest in the South Caucasus nation during Pashinian’s nearly eight-year rule. Global ratings agency Moody's downgraded ENA’s key ratings in September, citing the company’s “heightened susceptibility to government influence and regulatory risks.”