Armenia targets Tashir Group founder’s holdings in wake of criminal probe, new energy law

The Yerevan office of Tashir Group, owned by Russian-Armenian oligarch Samvel Karapetyan, is currently under search by the Armenian Investigative Committee.

The law enforcement agency confirmed that urgent investigative actions are being conducted under an ongoing criminal case, Caliber.Az reports, citing Armenian media.

Karapetyan, president of Tashir Group, was arrested on June 18 and placed in custody for two months on charges of public calls for seizure of power.

This development coincides with a significant legislative move by the Armenian Parliament, which has passed a draft law in its first reading concerning the possible statehood of Elseti Armenia, a company also owned by Karapetyan. The bill received 65 votes in favor and 30 against, with no abstentions.

The draft legislation empowers the Public Services Regulatory Commission of the Republic to intervene in company management should serious violations be uncovered during investigations. The commission would have the authority to suspend company owners from managing the enterprise temporarily and appoint an interim manager with at least five years of experience in the energy sector or management.

Elseti Armenia, like other “power grids,” owns the distribution network responsible for delivering electricity to end consumers, while the state retains ownership of the high-voltage transmission network.

By Vafa Guliyeva