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.

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