Samvel Karapetyan detained and charged in the ENA case over 64.5 billion drams in alleged damage
- Published
- Place
- Yerevan, Armenia
- Event date
- Past event —
Summary
Armenia’s Investigative Committee announced on Wednesday 4 November that 36 people face prosecution in a case targeting Electric Networks of Armenia (ENA), the power distributor owned by Samvel Karapetyan, leader of the opposition Strong Armenia party. After a search lasting about seven hours, masked officers of the National Security Service took the businessman from his home, and he was then charged. Asked whether he admitted guilt, he replied “of course not”, NEWS.am reported. Investigators accuse ENA executives and board members of taking unnecessary loans and paying unjustified dividends and advances from 2016 onwards, then laundering the money through more than ten affiliated firms. The damage is put at 64.59 billion drams, about $177 million, including 23.16 billion paid out as dividends in 2024 and 2025. In the evening he was being taken to the Anti-Corruption Court, which has received a motion for his arrest.
Analysis
The case goes to the heart of the standoff between Nikol Pashinyan and Samvel Karapetyan. On 15 October the government launched the compulsory acquisition of ENA in the public interest; an earlier buyout offer already required repayment of the same 23.16 billion drams in dividends. Already under house arrest in a case over calls to seize power, Karapetyan leads Strong Armenia, which sits in parliament. His allies denounce political persecution; opposition figure Levon Kocharyan said the case has “nothing to do with the law”.
Possible consequences
The Anti-Corruption Court must rule on the arrest motion. According to the press, Vardan Makaryan, a former ENA board member, has also been detained. Narek Karapetyan announced a “special event” for the evening.
