https://sputnikglobe.com/20250812/samvel-karapetyan-seeks-500m-in-arbitration-against-armenia-over-utility-seizure-1122601306.html
Samvel Karapetyan Seeks $500M in Arbitration Against Armenia Over Utility Seizure
Samvel Karapetyan Seeks $500M in Arbitration Against Armenia Over Utility Seizure
Sputnik International
Armenian businessman Samvel Karapetyan has launched arbitration proceedings against Armenia for seizing his utility company, Electric Networks of Armenia, in a bid to secure $500 million in compensation, his lawyers said on Tuesday.
2025-08-12T16:32+0000
2025-08-12T16:32+0000
2025-08-12T16:32+0000
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"On August 11, Samvel Karapetyan and his family formally initiated international arbitration proceedings against Armenia over the expropriation of Electric Networks of Armenia ... The Karapetyan family demands that the arbitration court obligate Armenia to compensate for the damage both already incurred and expected. The damage is preliminarily estimated at $500 million, subject to final assessment by the arbitration court," the lawyers said in a statement. The proceedings are based on the 1995 agreement on the promotion and mutual protection of investments signed between Armenia and Cyprus. The lawyers claim that Armenian Prime Minister Nikol Pashinyan ordered a crackdown on Karapetyan and his business in Armenia, particularly announcing plans to transfer the businessman's largest asset, the Electric Networks of Armenia, under state management. Romanos Petrosyan, who previously held the position of head of the state control service, was appointed as the company's caretaker manager. The Karapetyan family proposed settling the dispute through negotiations, but the Armenian government refused to talk, the lawyers said. The family was forced to apply for emergency arbitration by the Arbitration Institute of the Stockholm Chamber of Commerce. On July 22, the emergency arbitration panel ordered Armenia to refrain from confiscating the property and reiterated this on August 4. Armenia publicly rejected the binding nature of the arbitration decision and continued their actions against the Electric Networks of Armenia, the lawyers said. Thus, Armenia failed to protect Karapetyan's interests and investments and unlawfully seized the company in violation of its international agreements, the statement read. In June, Karapetyan expressed support for the Armenian Apostolic Church amid tensions with the government. On June 18, a court in Yerevan ordered Karapetyan to be detained for two months on charges of making public calls to seize power in Armenia. On August 11, the Armenian Court of Appeal ruled that his detention was unlawful.
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samvel karapetyan, electric networks of armenia, armenia asset seizure, $500 million arbitration, international arbitration, stockholm chamber of commerce, investment protection agreement, armenia-cyprus treaty, nikol pashinyan, romanos petrosyan, utility company expropriation, armenian government dispute, emergency arbitration, armenian apostolic church, yerevan court of appeal, unlawful detention, armenia legal case, asset confiscation
Samvel Karapetyan Seeks $500M in Arbitration Against Armenia Over Utility Seizure
YEREVAN (Sputnik) - Armenian businessman Samvel Karapetyan has launched arbitration proceedings against Armenia for seizing his utility company, Electric Networks of Armenia, in a bid to secure $500 million in compensation, his lawyers said on Tuesday.
"On August 11, Samvel Karapetyan and his family formally initiated international arbitration proceedings against Armenia over the expropriation of Electric Networks of Armenia ... The Karapetyan family demands that the arbitration court obligate Armenia to compensate for the damage both already incurred and expected. The damage is preliminarily estimated at $500 million, subject to final assessment by the arbitration court," the lawyers said in a statement.
The
proceedings are based on the 1995 agreement on the promotion and mutual protection of investments signed between Armenia and Cyprus. The lawyers claim that Armenian Prime Minister Nikol Pashinyan ordered a crackdown on Karapetyan and his business in Armenia, particularly announcing plans to transfer the businessman's largest asset, the Electric Networks of Armenia, under state management. Romanos Petrosyan, who previously held the position of head of the state control service, was appointed as the company's caretaker manager.
The Karapetyan family proposed settling the dispute through negotiations, but the Armenian government refused to talk, the lawyers said. The family was forced to apply for emergency arbitration by the Arbitration Institute of the Stockholm Chamber of Commerce. On July 22, the emergency arbitration panel ordered Armenia to refrain from confiscating the property and reiterated this on August 4. Armenia publicly rejected the binding nature of the arbitration decision and continued their actions against the Electric Networks of Armenia, the lawyers said.
Thus, Armenia failed to protect Karapetyan's interests and investments and unlawfully seized the company in violation of its international agreements, the statement read.
In June, Karapetyan expressed support for the Armenian Apostolic Church amid tensions with the government. On June 18, a court in Yerevan ordered Karapetyan to be detained for two months on charges of making public calls to seize power in Armenia. On August 11, the Armenian Court of Appeal ruled that his detention was unlawful.
