Arrested Armenian tycoon’s company may lose its electricity distribution license

The Public Services Regulatory Commission (PSRC) of Armenia will hold a meeting on November 13 to discuss the termination of the license issued to the Electric Networks of Armenia (ENA) CJSC for electricity distribution, the PSRC press service said.

For the record, ENA is operated by Tashir Capital, a company owned by arrested businessman Samvel Karapetyan.

The draft decision cites numerous violations identified during inspections as the grounds for revoking the license, Caliber.Az reports via Armenian media.

However, the PSRC will not suspend the powers of the temporary administrator, as it lacks the authority to do so.

As a result, ENA will remain under temporary government management — a situation that has continued for the past four months.

Samvel Karapetyan, a Russian-Armenian billionaire and founder of the Tashir Group, was arrested on June 18, 2025, in Yerevan. He faces charges under Article 422 of Armenia's Criminal Code for "public calls to seize power." The accusation stems from a June 2025 statement where Karapetyan publicly supported the Armenian Apostolic Church during its escalating conflict with Prime Minister Nikol Pashinyan. In an interview, he criticized the government's "political incompetence," its distancing from Russia, and attacks on the Church, stating: "If the politicians fail, then we will participate in our own way in all of this." Authorities interpreted this as incitement to overthrow the government.

His pre-trial detention was extended multiple times, most recently until November 17, 2025. An Armenian appeals court ruled the initial arrest unlawful in August 2025, but prosecutors refiled under new grounds.

Pashinyan vowed to "swiftly nationalise" ENA, citing poor service, intentional outages to stir discontent, and unpaid "damages" to citizens (without specifics).

On July 3, 2025, parliament hastily passed amendments to the Energy Law and Public Services Regulatory Commission Law, allowing state intervention in private utilities for violations, appointment of temporary managers, license revocation, and forced sale (state gets first refusal at market value +15%).

By Khagan Isayev