The regulator has revoked the license of businessman Karapetyan's "Electric Grid of Armenia"

Public Services Regulatory Commission (PSRC) On November 17, Armenia signed a document revoking the license of the Electric Networks of Armenia (ENA) company, which is owned by businessman Samvel Karapetyan, who was arrested in Yerevan.

Four out of five members of the commission voted for the relevant decision. According to the CROW project, it will enter into force on November 21 of this year. The commission's meeting, which lasted three days, was broadcast by local TV channels.

"The decision contains violations that the commission found in the activities of Electric Grids before the appointment of the interim state manager (Romanos Petrosyan). According to the commission's conclusion, approximately 134.8 thousand kW were attributed to the accounts of subscribers.On the contrary, for some subscribers, the bills were not fully accounted for (11.3 thousand kW were hidden.h)," Sputnik Armenia news agency reports.

It is also stated that Electric Grids of Armenia has issued loans to interconnected companies (Armholding, Tashir Capital and others) in the amount of about $690 million, but the commission was not notified about this.

Karapetyan owns the Tashir Capital company, which is the owner of the electricity distribution operator ESA. After the announcement of the decision, ex-CEO of the ENA David Ghazinyan stated that it was "political" and was made in order to continue putting pressure on Karapetyan.

"The Commission deliberately made the decision under political pressure. The head of the Armenian government has repeatedly stated that the company will be nationalized. This is a political order," Ghazinyan said.

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Prime Minister Pashinyan called the businessman a scoundrel and wanted to nationalize his assets.

Prior to that, on November 10, it was reported that if the CROW decides to suspend the license of Electric Grids of Armenia against the background of the violations identified, it can be appealed within two months to the commission itself or within 15 days to the administrative court of Armenia.

On July 3, the Armenian parliament adopted in the final reading laws allowing the nationalization of the company "Electric Networks of Armenia", which belongs to the detained businessman and philanthropist Samvel Karapetyan. The opposition expressed its disagreement, which considers the process illegal. On July 15, the opposition political parties of the Armenian parliament appealed to the Constitutional Court (CC) demanding that the law on the nationalization of Karapetyan's Electric Grids be declared unconstitutional.

On July 23, Karapetyan defeated the Armenian government in the International Arbitration Court in the case of the nationalization of the "Electric Grids of Armenia", which belonged to him. Later, on November 6, Armenian Prime Minister Nikol Pashinyan linked the order of nationalization of the "Electric Grids of Armenia" with their cost. He also stated the need to maintain government involvement in key decisions.

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