Karapetyan wins case against Armenian government on nationalization of Electric Grids
Businessman Samvel Karapetyan has defeated the Armenian government in the International Arbitration Court in the case of the nationalization of the Electric Grid of Armenia. This was announced by the agency on July 23. News.am .
"Samvel Karapetyan and his family have won an urgent arbitration case initiated against the Armenian government," the article says.
It is specified that the businessman's family initiated the consideration of the case at the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) in accordance with the provisions of the Agreement on the Promotion and Protection of Investments, which was signed on January 18, 1995 between Armenia and Cyprus.
Now Yerevan is obliged to refrain from applying the amendments that were recently adopted in the country's parliament, as well as from confiscating the "Electric Grid". As the newspaper notes, urgent measures were applied due to doubts about compliance with the Agreement on Mutual Protection of Investments between the states.
As the agency noted, the court's decision is subject to mandatory execution by Armenia.
Karapetyan's detention became known on June 18. He was charged with calling for the seizure of power in Armenia, after which he was arrested for two months.
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 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.
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