Russian-based Armenian businessman, founder of Tashir Group Samvel Karapetyan will become the majority shareholder of “Electric Networks of Armenia” (ENA), Armenia's national power distribution company, local “Haykakan Zhamanak” daily reports.
On September 17 the Armenian Government discussed the motion by Inter RAO UES for the alienation of 100% of the shares of ENA to an offshore-registered (Cyprus) “Liormand Holdings Limited,” and instructed the Armenian ministries of energy, economy, finance, and justice to examine all documents and information within three days and draft an agreement on ENA's sale.
However, as reported by the newspaper, the entire process is a mere formality, and the decision on ENA's sale had long been made. According to the daily's sources, in addition to Samvel Karapetyan, among the real buyers are the former leader of Prosperous Armenia Party Gagik Tsarukyan, former Republican MP Harutyun Pambukyan and former Mayor of Yerevan Karen Karapetyan.
The deal for ENA's sale, according to the same sources, will be completed by February 2016, and "Liormand Holdings Limited" will act as an intermediary owner. The company will acquire ENA from the Russian Inter RAO UES and after a while will resell it to the real owner.
“Some 'laundering' will be done in this interim period, some debts, loans will be 'cleaned up', and after some time the real owner will emerge,” Haykakan Zhamanak writes.