Court Halts Armenia’s Move on Electricity Firm
(MENAFN) A Stockholm arbitration tribunal has prevented the Armenian administration from proceeding with its intentions to nationalize a significant electricity provider owned by a detained Russian-Armenian billionaire.
Samvel Karapetyan was taken into custody in June on accusations of inciting a power takeover after openly backing the Armenian Apostolic Church during its conflict with Prime Minister Nikol Pashinyan’s administration.
Following Karapetyan’s detention, Pashinyan declared that “it is time to nationalize” Karapetyan's enterprise Electric Grids of Armenia, urging prompt measures.
Subsequently, the Armenian legislature approved laws permitting the government to confiscate the company.
In retaliation, the Karapetyan family initiated legal action with the Arbitration Institute of the Stockholm Chamber of Commerce (SCC), an adjudicative body specializing in commercial and investor-state conflicts, citing a 1995 bilateral investment treaty between Armenia and Cyprus.
On Tuesday, the tribunal decided that Armenia must abstain from enforcing the new regulations and from undertaking any further steps to appropriate the company.
The SCC explained that these actions could hinder the plaintiffs from obtaining full compensation if they lose control over the business.
This ruling is obligatory for the Armenian government.
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