Samvel Karapetyan, the founder of Tashir Group, together with his family, sent a notice of investment dispute to the state officials of the Republic of Armenia. 

The press service of Tashir Group reports that the notice was sent under the Agreement for the Promotion and Reciprocal Protection of Investments between the Republic of Armenia and Cyprus signed on 18 January 1995. This agreement provides for the possibility of investors whose rights are violated by the state to file a claim before the reputable international arbitration to bring the state to responsibility. 

The news release says that on 18 June the Prime Minister of Armenia announced that “Electric Networks of Armenia” CJSC, a company beneficially owned by the Karapetyan family, including through Liormand Holdings Limited (Cyprus), will be nationalized. 

“Following the Prime Minister’s post, the state machinery including and not limited to various representatives of the ruling faction of the Parliament, was quickly mobilized to pressure ENA and take control over it as soon as possible. In just a couple of days, the draft laws allowing state hostile takeover of ENA were developed and submitted to the National Assembly. Upon direct request-statement of the Prime Minister, an extraordinary session of the National Assembly will take place on 1 July 2025. 

The notice of investment dispute serves as a preventive mechanism. In the notice, the shareholders argue that the actions of the Armenian state officials are arbitrary, discriminatory, politically motived and aimed at dispossessing the Karapetyan family of ENA. As such, these actions breach several commitments taken by the Republic of Armenia in the Armenia – Cyprus investment treaty of 18 January 1995, which state officials are obliged to respect. 

First, the Armenian state officials failed to guarantee fair and equitable treatment as well as full protection and security to the Karapetyan family and their investments in Armenia. Second, in violation of the investment treaty, the Armenian state officials are taking measures to take over ENA, which would amount to expropriation.

If the responsible state officials of Armenia proceed with those violations of its obligations under the Agreement and international law, it will face international arbitration proceedings and be ordered to pay full compensation,” the news release reads.