'Electric Networks of Armenia will be nationalised' says interim manager
Electric Networks of Armenia to be nationalised
“The Armenian government made a formal offer to the owners of Electric Networks of Armenia, but the deal did not go through,” said interim manager Romanos Petrosyan.
In an interview with a local television channel, he said no real negotiations took place. Under the law, the government must make an offer to the owners within three months of revoking the company’s licence. The authorities did so before 21 February, but the owners did not respond.
“After 21 February, in accordance with Article 60 of the constitution, the government must declare 100% of the company’s shares a public priority. After paying compensation, it will fully nationalise the company. We are now at that stage,” he stressed.
Electric Networks of Armenia came under the management of the Tashir Group in 2015. Since April 2017, Tashir Capital has held 70% of the shares, while Liormand Holdings Limited has owned the remaining 30%. Russian-Armenian businessman Samvel Karapetyan owns the Tashir holding. He also controls the second company. Authorities arrested Karapetyan on 18 June, and he now remains under house arrest. Investigators accuse him of making public calls to seize power.
Petrosyan did not disclose how much the government is ready to pay for the company. Several weeks ago, former acting chief executive of Electric Networks of Armenia, David Ghazinyan, said the company’s value stands at nearly $1bn.
In the interview, Romanos Petrosyan outlined details of the nationalisation process and pricing mechanisms. He also addressed violations identified in the company’s operations and the ongoing criminal investigation.
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“The market value of ENA is under assessment”
“The company’s market value is currently under assessment,” the interim manager said.
He declined to say what price the government is ready to offer the owners.
“This is a legal process that requires strict compliance with specific procedures and pricing structures, as well as constitutional and legislative norms. At this stage, these details remain confidential.”
The interim manager said factors uncovered during the preliminary investigation will significantly affect the company’s real value.
He stressed that the valuation will reflect “equity and all capitalised assets”. Serious specialists and state bodies are taking part in the assessment. These include the Ministry of Territorial Administration and Infrastructure, the Public Services Regulatory Commission, and the ministries of finance and justice.
“The process follows the letter of the law. Once it concludes, society will receive full information,” he said.
More than two dozen criminal cases launched
“At this stage, investigators have launched around two and a half dozen criminal cases. They concern circumstances that contain elements of various offences,” the interim manager said, referring to alleged abuses.
He stressed that he personally submitted most of the reports to the Prosecutor General’s Office. According to Romanos Petrosyan, the Anti-Corruption Committee is investigating about 60% of the cases, while the Investigative Committee handles the rest.
“There are both financial and economic manipulations that require criminal assessment, as well as documented cases of significant sums of money moving to other companies owned by ENA’s proprietors.”
Petrosyan also said the company had billed some citizens for electricity they did not use. He described the violations made public so far as only “the tip of the iceberg”. He said investigators are still examining other facts at the preliminary stage. For that reason, he added, “in the company’s interest this information constitutes a commercial secret.”
‘The investigation will determine whether the Karapetyans bear responsibility’
Asked whether the recorded violations and the scale of the alleged abuses point to the involvement of the company’s owner, Samvel Karapetyan, and his family, Romanos Petrosyan said:
“I cannot say to what extent they were involved or aware of these actions. But we see a large number of manipulations carried out by lower- and mid-level management. The scale of these actions clearly contains elements of organised crime.
We are dealing with many cases involving millions and even billions of drams. I find it difficult to imagine that an owner who cares about his capital and ensures honest management, along with the board of directors and its chair, would have no connection whatsoever to such operations.”
At the same time, Petrosyan stressed that he does not intend to violate the presumption of innocence. He said the public should wait for the preliminary investigation to answer all outstanding questions.
‘It is unfair to politicise the events around ENA’
The interim manager also addressed opposition claims that the developments surrounding Electric Networks of Armenia began only after the company’s owner made political statements.
Authorities launched the criminal case against Samvel Karapetyan after he gave an interview to local media. Investigators accused him of making public calls to seize power and usurp the authority of Armenia’s government. In the interview, the dollar billionaire spoke about escalating tensions between the authorities and the church. He said he supports the church. Karapetyan added: “If Armenia’s political forces fail to handle this situation, we will have to intervene in our own way in the campaign against the church.”
Romanos Petrosyan stressed that the nationalisation of Electric Networks of Armenia should not be viewed through a political lens. He said the issue stems from an energy, economic and management crisis.
“To put it mildly, it is unfair to politicise the events around ENA and link them to Karapetyan’s political statement and the actions that followed.”
He recalled that officials had discussed problems in the electricity distribution networks with company representatives as early as autumn 2024. That was a year and a half before Karapetyan’s remarks. He added that the Ministry of Territorial Administration had warned the company about violations it had identified. The management promised to correct them.
“We developed roadmaps, introduced changes, dismissed and rotated officials and managers within ENA, and appointed new branch directors. All this shows that the owners acknowledged the existence of problems a year and a half ago,” Petrosyan said.
He did not rule out the possibility that Samvel Karapetyan spoke out in defence of the church after he realised that “the ring around ENA was tightening”.
“He likely understood that sooner or later this strategically important company, which represents national wealth and holds a natural monopoly, would inevitably face nationalisation. That may have prompted his statement. Time will tell,” he concluded.
Electric Networks of Armenia to be nationalised
