Why Will ENA Possible Be Sold to an Offshore Company?
Inter RAO's decision to sell the Electric Networks of Armenia (ENA) to Liormand Holdings Limited offshore company and submit a relevant application to the Armenian Government is a part of a big process.

The offshore company is a middle link and the company will get into the hands of the ultimate owner after the "traces" of the financial fraud are erased. Economists and energy experts have studied the situation of ENA and suppose that the sale process had been planned long before the mass protests against the price hike given that the company was put up for sale after the electricity tariffs were increased.     

"The public protests resulted in the drop of the ENA value. Nevertheless, the tariffs were increased and the company was to operate at a profit to redeem its debts. However, the company was put up for sale. This is a process, where the buyer is the beneficiary," said economist Artak Manukyan.   

Aram Manukyan, Secretary of the Armenian National Congress Faction, Vazgen Safaryan, Head of the Union of Local Manufacturers, and Hayk Gevorgyan, economic analyst, shared thoughts on the possible sales of ENA.

Aram Manukyan believes the energy sector is experiencing a chaos with serious financial fraud. The matter concerns dozens of millions of dollars. "If we study what is going on in the energy sector and see that the energy is sold to Georgia, Iran and Karabakh, we will understand that we deal with a big mess. We will survey the sector and send the final files to the prosecutor's office," said Manukyan. He specified that ENA's tax liabilities are in the focus of their attention.

The news of the ENA sale was a surprise for Vazgen Safaryan, too. He thought the company would be audited, the audit would reveal all the flaws and the authorities would make the relevant conclusions. Now that the company is put up for sale and the owner's name is widely rumored in the media, Safaryan no longer pin hopes on the audit results.

"ENA should have been audited with all that it implies. Only after that they should have decided what to do with the company. In any case, the state should control the situation within its powers, because economy development mostly depends on energy," said Safaryan.   

Artak Manukyan believes following the reports about the sale of the company, the audit will apparently become a common "inspection" for the buyer. Liormand Holdings Limited's "energy" biography or, rather, the lack of biography is noteworthy.    

Actually, the company belongs to another company, which is owned by a third company, Hayk Gevorgyan said. "This is an offshore chain and Samvel Karapetyan is behind it, according to reports," said Gevorgyan, noting that the above mentioned company has nothing to do with the energy sector. "The sale of the company under the offshore scheme aims to remove the previous flaws. Afterwards the real owner will emerge to buy the company's shares," he said.

Arshaluis Mghdesyan, Editor-Coordinator

Please contact the author at arshaluismghdesyan@pjc.am.

Print Friendly and PDF
More Press Releases
“Environmental Disaster in Lori: The Consequences of Akhtala Mountain Enrich Combinat”
The media regularly reportes that the old mine dumps of Akhtala Mountain Enrich Combinat, situated between Chochkan and Mets Ayrum communities in Lori region, poses a danger to the environment and the population.
“The 4th President of Armenia: a Ceremonial Position or a Weighty Political Figure?”
On March 2, 2018, the RA National Assembly will elect the 4th President of Armenia. On January 18, Armen Sargsyan, Ambassador Extraordinary and Plenipotentiary of the Republic of Armenia to the United Kingdom of Great Britain and Northern Ireland, Former Prime Minister of the Republic of Armenia, was nominated as the candidate for the presidency of the Republic of Armenia during the meeting of the executive body of the Republican Party of Armenia (RPA).
“Does the State Refuse its Obligations? Donation Call by the RA Minister of Defense for the Treatment of the Military Serviceman”
On January 13, RA Defense Minister Vigen Sargsyan posted on his Facebook page about the treatment expenses of military serviceman Albert Dallakyan, who was wounded as a result of violating the rules for safe handling with a weapon by the platoon commander. The minister urged to donate for surgery of the wounded soldier abroad. The required amount is 46,000 USD.
“Report on Violations of Conscripts’ Rights during the Conscriptions in 2016-2017”
The most urgent issue for conscripts involves the health issues and medical conclusions during conscriptions. In 2016-2017, 50 out of 59 applications filed by the Helsinki Citizens' Assembly-Vanadzor Office referred to the health issues of conscripts.
“Is Forgiving Heads of Communities a Recovery of Local Self - Government System or Promotion of Corruption? Response to Serj Sargsyan’s Speech”
On December 9, 2017, during the meeting dedicated to local self-government and territorial administration bodies RA President Serzh Sargsyan stated in particular:
Follow us on social networks
Registration of events
Press Releases
Armenia-Turkey Events