The acting CEO of Armenia’s Electricity Networks (ENA), Davit Ghazinyan, has sharply criticized the government’s proposed nationalization of the company, describing the move as legally unfounded and politically motivated. He warned that ENA is prepared to challenge the decision in court, including through international arbitration if necessary.
Speaking at a press conference in Yerevan on June 30, Ghazinyan condemned the legislative package submitted by the ruling Civil Contract party, which is scheduled for debate in the National Assembly on Tuesday. He referred to the proposal as “legally illiterate” and based on what he called a “presumption of madness.”
“We are not going to operate based on the presumption of madness,” Ghazinyan stated. “Throughout the years, there has not even been a hint from regulators that the company is at risk of losing its license.”
He highlighted ENA’s consistent financial and operational performance since its acquisition by the Russia-based Tashir Group in 2015. Citing regular audits conducted by reputable firms such as KPMG, BDO Armenia, and Grant Thornton, Ghazinyan emphasized that the company has consistently received positive evaluations.
Moreover, Armenia’s Public Services Regulatory Commission (PSRC), which oversees ENA’s activities, has never raised serious concerns about the company’s operations, he noted.
Responding to questions from local media, Ghazinyan described the draft law as “a legally unqualified bill,” warning that “every word matters when the state is trying to seize a functioning private company.” He accused the government of pursuing an aggressive campaign against ENA through “non-procedural, rule-breaking methods.”
Ghazinyan announced that ENA is preparing to launch legal action in response to the proposed nationalization. “We have a strong legal team and full confidence in our position,” he said. “Being in the right gives you strength.”
