Armenia’s Anti-Corruption Court has extended the pre-trial detention of prominent businessman and philanthropist Samvel Karapetyan for two more months, while the Government’s Public Services Regulatory Commission (PSRC) has voted to revoke the electricity distribution license of Electric Networks of Armenia (ENA), the country’s main power grid operator owned by Karapetyan’s Tashir Group. The decisions, announced a day apart, significantly escalate the legal and regulatory pressure surrounding Karapetyan, one of Armenia’s largest investors, and open the path for a possible state takeover of Armenia’s electricity grid.
His lawyers, Aram Vardevanyan and Liana Gasparyan, informed reporters after the detention hearing, noting that the defense had not yet received the court’s written ruling. The developments come as the case continues to attract significant public and political attention. In recent weeks, it has also gained international visibility. Karapetyan’s nephew appeared on Tucker Carlson’s program alongside international lawyer Robert Amsterdam, where they discussed the case, Karapetyan’s detention conditions, and broader legal concerns. Their remarks added further scrutiny to proceedings already followed closely both in Armenia and abroad.
Karapetyan personally attended the hearing and again rejected all accusations, stating he had no connection to the alleged offenses and no intention of obstructing the investigation. He was arrested on June 18, one day after his home was searched on June 17, following public comments defending the Armenian Apostolic Church and criticizing a small group he said was undermining the church and the Armenian people by disregarding national history. He also criticized the government. His initial two-month detention was followed by extensions on August 15 and October 16. This latest ruling marks the third extension, and other reports indicate his detention has been prolonged until November 17.
Investigators have accused him of making public calls to seize power and overthrow the constitutional order. He is charged under several articles of Armenia’s Criminal Code, including Article 290 on tax evasion, Article 296 on money laundering, Article 422 on public calls to seize power, violate territorial integrity, renounce sovereignty, or overthrow the constitutional order, and additional fraud charges announced in July. According to investigators, the “public calls” allegation is tied to statements expressing support for the Armenian Apostolic Church and the Catholicos. On October 13, authorities added further charges under Article 296, Part 3, Points 2 and 3, alleging large-scale money laundering involving authority or official influence.
Gasparyan argued that the latest extension relied primarily on an unsubstantiated money-laundering suspicion. She said a recent Court of Cassation ruling had reinforced that suspicion, allowing the extension to proceed, and noted that although a 53-member investigative team has been assigned to the case, no investigative actions involving Karapetyan have taken place in recent months.
Both defense lawyers criticized procedural issues. Gasparyan pointed to a report published by Haykakan Zhamanak—owned by the Prime Minister’s family—at 6:30 p.m. on November 17 stating that Karapetyan’s detention would be extended, hours before the ruling was issued. The defense raised this at 11:00 p.m., which she said angered the presiding judge. Vardevanyan noted that the outlet’s early report outlined the outcome before it was announced and did not change throughout the night, raising concerns about judicial independence. Amsterdam also described the pattern as “telephone justice.”
ENA License Revocation and Possible State Takeover
On November 17, the PSRC voted four to one to revoke ENA’s electricity distribution license, opening the path for a possible state takeover of the national grid. Commissioner Ara Nranyan cast the lone dissenting vote, arguing the process should be suspended due to related cases pending before the Constitutional and Administrative courts. The hearings, held over three days, were marked by technical issues, procedural disputes, and sharp exchanges. The commission did not deliberate behind closed doors before voting.
Presenting the regulator’s findings, Meri Ghazaryan stated that the decision was based on serious violations reported by the state-appointed temporary manager of ENA, Romanos Petrosyan, a member of the ruling Civil Contract party. Petrosyan alleged that ENA’s automated metering system failed in January 2025 and that billing data dating back to 2018 had been deleted. He also accused ENA regional branches—including Geghama, Araks, Ghars, and Debed—of under-collection, over-billing, and receiving instructions to “ensure losses” at preset levels. Additional concerns involved financial guarantees reportedly provided by ENA on loans taken by Tashir-linked companies. Petrosyan cited a $7 million loan from Ardshinbank to Tashir Capital allegedly guaranteed by ENA, as well as an AMIO Bank loan to Armholding backed by the grid operator.
Lawyers for Tashir Capital rejected the allegations as politically motivated and clashed with Petrosyan and PSRC Chairman Mesrop Mesropyan. Former acting ENA director Davit Ghazinyan acknowledged management shortcomings but said they did not warrant revoking the license. He accused the regulator of advancing Prime Minister Nikol Pashinyan’s political agenda.
Tashir’s lawyers also sought to recuse Chairman Mesropyan due to his Civil Contract affiliation and his involvement in appointing Petrosyan. The PSRC unanimously denied the motion. Following the decision, the PSRC announced that negotiations will be held with ENA’s board over the next three months regarding the transfer of ownership rights. Mesropyan stated that if no agreement is reached, the state may assume ownership under the doctrine of “overriding public interest.” He added that more than 150 questions were raised and addressed during the hearings.
Under recent legislative amendments, any loss of ENA’s license triggers recognition of the grid as a “publicly overriding interest,” followed by valuation and compensation procedures. The government is considering two options: full nationalization or transferring a controlling stake to an “internationally reputable” energy operator while retaining a strategic state share. Tashir Group has initiated international arbitration seeking compensation worth hundreds of millions of dollars, describing the regulator’s actions as unlawful interference with its investments.
Political Context and Opposition Reaction
Karapetyan—detained since June—was taken into custody after public comments supporting church leadership and criticizing the government. After his detention, his nephew Narek Karapetyan announced his intention to run in the 2026 parliamentary elections. The Mer Dzevov (In Our Way) movement, which Karapetyan launched in late August and which claims around 8,000 members, is viewed by some analysts as a potential election contender.
Opposition figures sharply criticized both the detention and the license revocation. Alik Aleksanyan of the Our Way movement called the actions “repressive and devoid of legality” during a protest outside the Anti-Corruption Court. He accused authorities of delivering justice “through text messages and Facebook statuses.” Hayk Mamijanyan, head of the I Have Honor parliamentary faction, said Karapetyan is a political prisoner and argued that neither move would weaken public resistance to what he described as a government lacking legitimacy.
Background on Karapetyan
Born and raised in Armenia, Karapetyan has lived primarily in Russia since the early 1990s. He has funded numerous charity initiatives in Armenia and Artsakh (Nagorno-Karabakh) and made significant contributions to the Armenian Apostolic Church. Forbes estimates his assets at more than $4 billion. Some Russian lawmakers have expressed concern over his arrest, though Moscow has not issued a public appeal for his release.
Karapetyan continues to deny all charges brought against him.
