ArmInfo.The SCC Arbitration Institute, by a decision dated 16 June 2026, granted Armenia's request to bifurcate the proceedings in the arbitration case of Liormand Holdings Limited and the Karapetyans v. Armenia.
According to the government's press service, Armenia submitted objections to jurisdiction, arguing that the arbitral tribunal lacks jurisdiction over the dispute. The tribunal found sufficient grounds to treat Armenia's jurisdictional objections as a separate preliminary phase of the proceedings. One of Armenia's main arguments is that the Karapetyans do not meet do not meet the definition of "investors" under the applicable international investment agreement and that they have also breached Article 9(2) of that agreement.
"This important decision allows the international tribunal to consider jurisdictional issues at a much earlier stage and dismiss all claims brought against Armenia in their entirety," the statement reads.
Recall, the case of "Liormand Holdings Limited and the Karapetyans v. Armenia" is an international investment arbitration (conducted at the Arbitration Institute of the Stockholm Chamber of Commerce) initiated by a Cypriot company and members of the Karapetyan family against the government of Armenia, stemming from the attempted nationalization of the Electric Networks of Armenia (ENA) CJSC. In July 2025, an emergency arbitrator issued a ruling on interim measures, ordering Armenia to refrain from enforcing mandatory expropriation laws, though the arbitrator dismissed the plaintiffs' remaining claims. In November 2025, the Public Services Regulatory Commission (PSRC) of Armenia revoked the electricity distribution license held by ENA. In December 2025, the Stockholm arbitral tribunal issued its final award. It fully dismissed the motion filed by the Karapetyan family, ruling that the requested interim measures were unfounded, and ordered the plaintiffs to cover the legal costs. Businessman Samvel Karapetyan was arrested in Armenia in the summer of 2025; his pre-trial restriction was later modified to house arrest and bail. The investigation into his criminal case—which includes charges of tax evasion, embezzlement, and money laundering—was concluded in the spring of 2026
