Investors may fear government will target them too

PanARMENIAN.Net - Former Member of Parliament Taron Simonyan, commenting on businessman and philanthropist Samvel Karapetyan’s recent statement which led law enforcement to launch a criminal case, said the publicized information contains no elements of a crime and emphasized the political nature of the process.

“The available information clearly lacks any criminal components; it's evident this is a politically motivated case,” Simonyan stated outside the courthouse, as reported by Panorama.am .

Responding to Prime Minister Pashinyan’s remarks on the potential nationalization of the “Electric Networks of Armenia” (ENA), Simonyan warned that “other investors will realize that sooner or later the government may target their businesses too.”

He added, “This is a direct persecution using legal mechanisms as a tool. If the focus has shifted to business, then it’s clear that the investment climate in Armenia is extremely vulnerable. When a well-established enterprise with consistent investments is targeted, all other investors will conclude that the political leadership could eventually turn against their enterprises as well.”

According to Simonyan, if investments are being targeted, it will seriously damage Armenia’s overall investment process.

Pashinyan previously announced that a bill on the nationalization of ENA is already under circulation in the National Assembly. He added that “in this case, the church is merely a smokescreen for what are soon-to-be former owners of ENA, which, through its operations, has nearly caused an energy crisis.” On June 18, the Public Services Regulatory Commission decided to fine ENA 10 million AMD.