The Prime Minister of Armenia, Nikol Pashinyan, has stated that it is necessary to study the origin of the property of persons with the reputation of philanthropists in the country.
In a press conference with journalists after the government session on November 5, he expressed such a position, referring to the new criminal prosecution initiated against businessman and leader of the “Strong Armenia” party Samvel Karapetyan. The case refers to the alleged damage of more than 64.5 billion drams to the “Electrical Networks of Armenia” company (HETC).
Answering the question about the new charge against Karapetyan, Pashinyan noted that the key is to find out the existence of possible abuses.
“The situation is very clear: were there abuses or not?” Everything should start with the answer to this question,” said the Prime Minister.
In his assessment, if the Investigative Committee and the Prosecutor’s Office decided to prosecute, realizing that the case will become the subject of public and political discussions, then they should have weighty arguments for it.
At the same time, Pashinyan asserted that discussions about alleged abuses in Armenia for more than three decades have often moved to the field of foreign policy, mentioning Azerbaijan, Turkey and Ilham Aliyev.
“If there is a misuse of 64 billion, what does Aliyev have to do with it?” The connection is that we need to find out the origin of the property of our so-called benefactors,” said the Prime Minister.
He emphasized that in the presence of information on alleged abuses, law enforcement officers are obliged to act, while addressing the need to preserve the presumption of innocence. According to the Prime Minister, a final legal assessment of the case should be made according to the established procedure.
It should be reminded that on November 4, the Investigative Committee announced the initiation of criminal prosecution against Samvel Karapetyan and 35 other persons. The case refers to the alleged abuse of official powers in the private sector, especially to the theft of large amounts of entrusted property and money laundering.
According to the version of the investigation, in 2016-2024, the persons connected with the management of HETC attracted credit funds exceeding the volumes necessary for the company’s activity, which were later unreasonably directed to the provision of dividends, loans and advances. According to the CC, in 2024-2025, around 23.2 billion drams were allegedly illegally withdrawn from the company, and the total loss is estimated at 64 billion 585 million drams.
On the same day, law enforcement officers conducted searches at 65 addresses, including properties associated with Samvel Karapetyan and his family. The businessman was arrested, and on November 5, the Anti-Corruption Court decided to detain him for one month.
Karapetyan does not accept the accusations against him. The “Strong Armenia” party led by him described the recent actions of the law enforcement officers as a political persecution, connecting them with the opposition’s position on the new Constitution.
The conflict over the ETC started earlier. In the summer of 2025, the government was able to intervene in the management of the company through legislative changes. In July, a temporary manager was appointed, and in November, the Public Services Regulatory Commission suspended the company’s electricity distribution license. In October 2026, the government made a decision to recognize the overriding public interest over the shares of HEC, opening the way for their forced expropriation.
The criminal prosecution against Samvel Karapetyan is not the first. He was arrested in June 2025 on charges of public appeals to seize power after a statement supporting the Armenian Apostolic Church. Later, he was also charged with economic charges. The businessman and his defenders consider the criminal cases initiated by political motives.
The preliminary investigation in the new criminal case regarding the HEC continues. The accusations presented by the investigative committee and the amount of damage have not yet been confirmed by the legally binding verdict of the court.
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Disclaimer: This article was contributed and translated into English by Ani Kharatian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
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