Public Services Regulatory Commission reminds that ENA is obligated to fulfill all its obligations after its license is revoked
YEREVAN, November 18. /ARKA/. Armenia's Public Services Regulatory Commission (PSRC) has reminded today that the Electric Networks of Armenia (ENA), revoked November 17 of power distribution license, is obligated to fulfill all its obligations stipulated by law.
"Considering public concerns regarding the stability of ENA's future operations, we inform that in accordance with the law the company is obligated to fulfill all its obligations stipulated by law, including financial ones, even after the termination of its electricity distribution license," the Commission said in a statement.
According to the document, until the completion of the legally prescribed processes aimed at the full transfer of electricity distribution activities, the interim manager of ENA, who acts as the company's executive body, is obligated to ensure the normal operation of the company, including financial stability and the reliable and safe operation of the system.
"Consequently, the company's financial and monetary stability is not only not affected by the license revocation, but also, given the current legal and economic framework, cannot be affected," the PSRC stated.
At its meeting on November 17, the PSRC approved the revocation of ENA (owned by Samvel Karapetyan's Tashir Group)'s electricity distribution license. The Commission cited violations discovered during the four-month investigation as the basis for this revocation, including falsifications, deficiencies, and other falsifications of electricity meter readings, violations in the implementation of investment programs, violations of deadlines and procedures for connecting new subscribers, and violations of building and fire safety regulations during the construction and renovation of certain facilities.
The commission claims that ENA provided risky credit guarantees through commercial banks to a number of companies affiliated with it. Alo, it ineffectively managed property, real estate, and cash.
According to Mesrop Mesropyan, head of the PSRC, the state will now negotiate with the owner or the ENA Board of Directors the transfer of ownership rights to the property.
"If the parties fail to reach an agreement within three months, the state may take over the property based on its priority interest," Mesropyan noted.
ENA representatives disagree with the presented findings, questioning the accuracy of the results of the PSRC's research, as well as the quality of the audits and assessments.-0-
