Pashinyan sees substantial grounds in AMD 64.6 billion Electric Networks of Armenia damage case

Armenian Prime Minister Nikol Pashinyan said law enforcement has “at least substantial grounds” in the case of AMD 64.6 billion (about $179 million) in damage allegedly caused to Electric Networks of Armenia (ENA). The Investigative Committee has brought criminal charges against 36 people and names “S.K.” as the alleged head of the criminal group. On 5 November a court remanded in custody for one month Samvel Karapetyan, leader of the Strong Armenia party and president of Tashir Group, whose family owns ENA.

According to the Investigative Committee’s 4 November release, its Main Department for Investigation of Economic Crimes and Smuggling, together with the National Security Service, the Police and the State Revenue Committee, searched 65 addresses simultaneously. Investigators say that in 2016–2024 a group led by “S.K.” organised four episodes involving ENA board members, the general director, the deputy general director and other officials.

Funds were allegedly laundered through more than ten affiliated companies. Charges were brought under points 2 and 3 of part 2 of Article 46-277 of the Criminal Code of Armenia (organising abuse of powers in the private sector, 4 episodes), point 3 of part 3 of Article 46-256 (organising embezzlement of entrusted property on an especially large scale, 2 episodes) and points 2 and 3 of part 3 of Article 296 (especially large-scale money laundering). The pre-trial investigation continues.

At his 5 November briefing, Pashinyan described how ENA could theoretically have been looted: the company follows public procurement rules, and if tenders were won by companies of Karapetyan family members, they earned “excess profits in non-competitive conditions”. He said he had received letters from suppliers who could not win any tender under the former owners while affiliated companies won “at illogical prices and formulas”. “But again, this is a subject of investigation,” he said. “If there was a 64-billion abuse, what does Aliyev have to do with it?” he asked, calling for the origins of the so-called benefactors’ wealth to be fully examined.

The Strong Armenia party said in a statement that the arrest showed state institutions were carrying out “Pashinyan’s orders” and linked it to the campaign around a new constitution.

• 18 June 2025: Karapetyan was detained over public calls to seize power; his detention was later changed to house arrest.
• 18 July 2025: Public Services Regulatory Commission (PSRC) Chair Mesrop Mesropyan appointed Romanos Petrosyan as ENA’s temporary manager. In March 2026 Petrosyan cited about 25 criminal proceedings linked to the company.
• The PSRC revoked ENA’s distribution licence, citing deleted 2018–2024 meter data, falsified readings, investment programme violations and risky loan guarantees to affiliates.
• 15 October 2026: the government declared 100% of ENA shares (246.4 thousand shares, nominal AMD 20.7 billion; 70% Tashir Capital, 30% Liormand Holdings) an overriding public interest. Alienation must start by 1 May 2027 and be completed by 1 October 2027. Minister of Territorial Administration and Infrastructure Davit Khudatyan presented the procedure.
• ENA’s net profit for the first half of 2026 was AMD 9.6 billion (−27.3%), revenue AMD 98.8 billion (+1.1%), with no dividends paid. Its 2026 investment budget is AMD 46.7 billion.
• The PSRC left 2026 tariffs unchanged: AMD 44.98/kWh (day) and 34.98 (night) for households.

The state is ENA’s future owner, and the damage established by investigators may affect the share valuation, which must account for “undisclosed liabilities and risks”. If the investigators’ version is confirmed, the funds in question were paid by consumers through tariffs. For the government, the case strengthens the argument for nationalisation, while the opposition views it as political pressure on the largest opposition force in parliament.

For the first time, investigators have published a consolidated damage figure and specific schemes. The case moves from the regulatory track (licence, temporary management) to a criminal one involving the owners, while the compensation for the shares becomes a matter of both valuation and investigation.

The case may affect ENA contractors and suppliers that held contracts with affiliated companies in 2016–2025. For bondholders, ENA’s filings on the Armenia Stock Exchange (AMX) are key. The next milestones are the one-month custody term, the share valuation stages and PSRC decisions on 2027 tariffs.

Sources: Investigative Committee of Armenia, 4 Nov 2026 · Armenpress – Pashinyan on ENA case · NEWS.am – Strong Armenia · OC Media · businessdaily.am: ENA shares as overriding public interest