YEREVAN, June 17, ARKA – The Stockholm Arbitration Tribunal, in a decision dated June 16, 2026, has fully granted Armenia’s motion for bifurcation in the arbitration case of Liormand Holdings Limited and the Karapetyans versus Armenia. This was reported by the press service of the Armenian government.
Armenia’s Arguments for Lack of Jurisdiction Accepted
As stated in the Armenian government’s announcement, Armenia presented arguments demonstrating the arbitration tribunal’s lack of jurisdiction to hear the case. The international tribunal found sufficient grounds to consider all of the Armenian government’s arguments separately in the preliminary phase of the proceedings.
According to the Armenian government’s statement, one of Armenia’s essential arguments is that the Karapetyans do not meet the requirements of the term “investor” as stipulated in the relevant international agreement, and have also violated the requirements of Article 9(2) of that agreement.
The government noted that this important decision makes it possible for the international tribunal to consider jurisdictional issues at a much earlier stage and to completely reject all claims filed against Armenia.
About Electric Networks of Armenia (ENA)
“Electric Networks of Armenia” CJSC manages Armenia’s medium and low-voltage distribution networks, serving approximately 1 million subscribers. Since 2016, ENA has been owned by the “Tashir” group of companies, which has invested about $680 million in the company’s modernization alone, with another $150-200 million invested in creating new capacities. Samvel Karapetyan, president of the “Tashir” group of companies, was arrested on June 18, 2025, and since December 30, he has been under house arrest and bail as a preventive measure. He is accused on three counts: “public calls to seize power” (after his words about supporting the Catholicos of All Armenians and the Armenian Apostolic Church), non-payment of taxes on a particularly large scale, and money laundering. He denies the charges against him.
Broader Implications for Armenia’s Economic Landscape
This decision by the Stockholm Arbitration Tribunal could have significant implications for how international investment disputes involving Armenia are handled in the future. By successfully arguing against the tribunal’s jurisdiction at an early stage, Armenia sets a precedent that could deter similar claims or streamline the resolution of future cases.
The government’s emphasis on the Karapetyans’ failure to meet the “investor” definition and their violation of the international agreement’s terms highlights a proactive stance in defending the nation’s interests against what it perceives as unfounded claims. This legal victory is not just about the immediate case but also about reinforcing Armenia’s position in international legal frameworks.
The ongoing legal issues surrounding Samvel Karapetyan, the president of the “Tashir” group, add another layer of complexity to the situation. While the arbitration case focuses on the investment agreement, Karapetyan’s personal legal troubles, including accusations of public calls to seize power, tax evasion, and money laundering, underscore a challenging business and political environment. His denial of the charges further indicates a protracted legal battle ahead, which could continue to influence the operations and perceptions of the “Tashir” group’s investments in Armenia, including ENA.
The “Electric Networks of Armenia” plays a critical role in the country’s infrastructure, providing essential services to nearly a million subscribers. The stability and proper functioning of ENA are crucial for Armenia’s economic development and daily life. The outcome of this arbitration, by potentially dismissing claims against Armenia, helps to safeguard the financial and operational integrity of such vital national assets.
This case also draws attention to the broader context of foreign investment and legal protections within Armenia. The government’s successful challenge of the tribunal’s jurisdiction demonstrates a commitment to upholding national laws and international agreements, ensuring that investments are made and conducted in accordance with established legal frameworks. This approach can contribute to a more predictable and secure investment climate, albeit with strict adherence to legal and contractual obligations.
The decision is a testament to the Armenian government’s legal strategy and its efforts to protect the country’s sovereign interests in international forums. It signals that Armenia is prepared to vigorously defend itself against claims that it deems to be without merit, especially when they involve significant economic and strategic assets.
Source: ARKA News Agency
