ArmInfo. Any action taken by the Armenian government against the Electric Networks of Armenia (ENA), a company owned by Samvel Karapetyan, including its direct nationalization, would violate the decisions made by the Stockholm Arbitral Tribunal in July 2025, as noted in a statement issued by the ENA Control Committee, following the Armenian government's announcement that the Stockholm Arbitral Tribunal had fully granted Armenia's motion to bifurcate the proceedings in the arbitration case of Liormand Holdings Limited and Karapetyans v. Armenia.
"The arbitrators of the Stockholm Arbitration Tribunal decided that the Armenian government's objections will be considered separately without drawing any conclusions on the merits of those objections. In particular, they stated the following: 'It is important to emphasize that for the purposes of this decision, the Tribunal is not required to rule on the merits of these objections. Indeed, were it to do so, the Tribunal would be subject to legitimate criticism for intending to conduct an improper and premature assessment of the merits of the case,'" the Committee clarified.
As the ENA Control Committee clarified, this means that for now, the investment arbitration will only address procedural issues and matters of jurisdiction. "It should also be noted that the decisions made in July of last year remain in force, and any actions taken by the Armenian government against ENA, including direct nationalization, would violate them," the Committee stated in a Facebook post.
