Detained mogul’s family takes Armenia to court over energy firm seizure

The family of detained tycoon Samvel Karapetyan has initiated legal proceedings against the Armenian authorities over the nationalisation of Electric Networks of Armenia CJSC.

In a statement released by the Karapetyan Rights Protection Council on Facebook, cited by Russian media, the family said it is seeking an arbitration court order requiring the Republic of Armenia to compensate for both the damage already incurred and the losses expected in the future. According to preliminary calculations, the total compensation sought amounts to $500 million.

Samvel Karapetyan, the owner of the Tashir Group of Companies, was arrested on June 18, 2025, on charges of attempting to incite an illegal seizure of power. His detention has heightened an already tense political confrontation between Prime Minister Nikol Pashinyan’s government and the Armenian Apostolic Church, which Karapetyan has publicly supported.

After his arrest, the Armenian government announced plans to nationalise and subsequently auction Electric Networks of Armenia.

Parliament quickly passed legislation enabling the move, while law enforcement conducted raids and arrests targeting businesses affiliated with Karapetyan’s Tashir Group.

By Tamilla Hasanova