ArmInfo. Tashir Capital, which includes Electric Networks of Armenia (ENA) CJSC, is challenging the Public Services Regulatory Commission's decision revoking ENA's electricity transmission license in court on March 21.
Before the hearing, David Kazinyan, the former CEO of the networks, noted that he had low expectations for the court. He recalled that the court had previously denied a motion to call representatives of the Public Services Regulatory Commission (PSRC) and ENA's temporary manager as witnesses.
Kazinyan noted that he does not share the court's position, especially since their presence at the court hearing is desirable. The plaintiff's side would like to call the PSRC as the body that appointed the temporary manager, and the temporary manager for making statements that exceeded his authority. For this reason, David Kazinyan has low expectations for today's court ruling.
He stated that the temporary manager's declaration regarding the expiration of the 60-day period for recognizing the power grids as an object of priority public interest was illegal, and extended the deadline until May 25 of this year. Negotiations on the price for ESA, which the Armenian authorities want to nationalize, will now continue until May 25. Only after May 25 will the authorities be able to recognize the CJSC as an object of priority public interest. However, Kazinyan emphasized that the grid owners do not intend to negotiate.
The former CEO also stated that the ESA issue is currently in arbitration proceedings. "There, I am confident that the 'telephone justice' system in place in Armenia will not be applied."
Justice will prevail. The issue with the networks is simply an example of how the government and the courts should not behave. The problem here isn't just with the networks; it's about the investment environment and the government's attitude toward private property. They're essentially telling investors not to come to the country. "In such a situation, it is difficult to expect large investors to come to Armenia," emphasized David Kazinyan.
It should be noted that by a decision of the Public Services Regulatory Commission dated November 17, 2025, Electric Networks of Armenia CJSC was stripped of its electricity transmission license. The decision listed violations the commission found in the company's operations. Specifically, in one case, it involved the falsification of 134,800 kWh, and in another, the failure to account for 11,300 kWh. Several thousand new subscriber connections were also overdue, and the total number of loan guarantees secured by ESA's property approached $690 million. The deterioration in electricity supply indicators continued, with the average duration of outages increasing by 4.2%.
It should also be noted that on June 18 of last year, law enforcement agencies arrested and subsequently remanded in custody Samvel Karapetyan, a prominent businessman and head of the Tashir Group of Companies, on charges of calling for the overthrow of the constitutional order. This only happened because the latter, Speaking in defense of the Armenian Apostolic Church, he stated in an interview that "we will intervene in our own way" if politicians fail to fulfill this function. Following Karapetyan's arrest, the authorities effectively took control of ESA from the Karapetyan family, appointing Romanos Petrosyan, a member of the Civil Contract party, as interim manager.
