23.07.2025, 10:41
Karapetyan has won an international lawsuit against the Armenian government
Source: OREANDA-NEWS
OREANDA-NEWS Businessman Samvel Karapetyan has won an international arbitration case against the Armenian government in connection with attempts by the authorities to nationalize his company, Electric Grids of Armenia, the Council for the Protection of the rights of a businessman reports.
Last week, Mesrop Mesropyan, chairman of the Armenian Public Services Regulatory Commission, appointed an interim manager of the named company. Romanos Petrosyan, the former head of the State Control Service, took over this post. On Thursday, the Ministry of Territorial Administration and Infrastructure of Armenia told RIA Novosti that they had contacted the Public Services Regulatory Commission regarding violations allegedly committed by the Electric Grids of Armenia company. Thus, a procedure was launched to allow the company to be nationalized.
"Samvel Karapetyan and his family have won an emergency arbitration case against the Government of the Republic of Armenia. The Karapetyan family initiated the arbitration case at the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) in accordance with the procedure established by the agreement on the promotion and protection of investments concluded on January 18, 1995 between the Governments of Armenia and Cyprus. A representative of the Armenian government participated in the consideration of the case," the message says.
It is noted that on July 22, the extraordinary arbitration appointed by the Arbitration Institute of the Stockholm Chamber of Commerce obliged the Republic of Armenia to refrain from applying the provisions established by the recently adopted amendments to the laws "On Energy" and "On the Commission for the Regulation of Public Services" in relation to CJSC Electric Networks of Armenia, as well as from further steps to confiscate CJSC.
"The arbitration concluded that urgent measures should be taken, since the actions of the Republic of Armenia raise serious doubts about their compliance with the agreement on mutual protection of investments between Armenia and Cyprus. The arbitration also noted that in the absence of urgent measures, it would be difficult for the plaintiffs to receive full damages if they lost control of the company or, even worse, ceased to be its owner," the report says.
Last week, Mesrop Mesropyan, chairman of the Armenian Public Services Regulatory Commission, appointed an interim manager of the named company. Romanos Petrosyan, the former head of the State Control Service, took over this post. On Thursday, the Ministry of Territorial Administration and Infrastructure of Armenia told RIA Novosti that they had contacted the Public Services Regulatory Commission regarding violations allegedly committed by the Electric Grids of Armenia company. Thus, a procedure was launched to allow the company to be nationalized.
"Samvel Karapetyan and his family have won an emergency arbitration case against the Government of the Republic of Armenia. The Karapetyan family initiated the arbitration case at the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) in accordance with the procedure established by the agreement on the promotion and protection of investments concluded on January 18, 1995 between the Governments of Armenia and Cyprus. A representative of the Armenian government participated in the consideration of the case," the message says.
It is noted that on July 22, the extraordinary arbitration appointed by the Arbitration Institute of the Stockholm Chamber of Commerce obliged the Republic of Armenia to refrain from applying the provisions established by the recently adopted amendments to the laws "On Energy" and "On the Commission for the Regulation of Public Services" in relation to CJSC Electric Networks of Armenia, as well as from further steps to confiscate CJSC.
"The arbitration concluded that urgent measures should be taken, since the actions of the Republic of Armenia raise serious doubts about their compliance with the agreement on mutual protection of investments between Armenia and Cyprus. The arbitration also noted that in the absence of urgent measures, it would be difficult for the plaintiffs to receive full damages if they lost control of the company or, even worse, ceased to be its owner," the report says.
Комментарии