Armenia nationalises "Electric Networks" CJSC owned by arrested tycoon Karapetyan

The Armenian Parliament has passed a bill in its second and final reading that establishes mechanisms for the nationalisation of “Electric Networks of Armenia" (ENA) Closed Joint-Stock Company (CJSC), a company owned by arrested oligarch Samvel Karapetyan.

The legislation was approved with 65 votes in favour, 27 against, and one abstention, Caliber.Az reports, citing Armenian media.

Under the new law, the Public Services Regulatory Commission will have the authority to replace the company’s management if serious violations are detected and investigated. In such cases, the owners may be temporarily suspended from management, and a new manager with at least five years of experience in the energy sector or management will be appointed.

According to Armenian media, the company currently manages the distribution networks, while the high-voltage infrastructure remains state-owned.

ENA was privatised in 2002 and acquired by Karapetyan’s Tashir Group, a Russian-Armenian conglomerate, in 2015 for $260 million. Karapetyan, a billionaire with an estimated net worth of $3.2 billion in 2024 per Forbes, has been a key figure in Armenia’s energy sector, but his arrest on June 25, 2025, for allegedly plotting a coup against Pashinyan has triggered significant political and economic repercussions.

By Khagan Isayev