ENA interim manager says company's owner had not approved $690 million in loan guarantees with regulator
YEREVAN, November 11. /ARKA/. Romanos Petrosyan, who is currently serving as the interim manager of ENA, informed representatives from the EBRD, ADB, and IFC that the company's owner had not sanctioned $690 million in loan guarantees with the Public Services Regulatory Commission (PSRC).
Petrosyan made this remark during a meeting with Giorgi Akhalkatsi, a representative of the European Bank for Reconstruction and Development (EBRD), Zsuzsanna Gabriella D. Moshnyai, a senior investment officer at the Asian Development Bank (ADB) office in Georgia, and Arman Barkhudaryan, a senior representative of the International Finance Corporation (IFC) in Armenia.
He indicated that upon taking on the role of interim manager of ENA, he commenced a thorough internal examination of the company's financial and economic documents. This review encompasses audit reports, financial statements submitted to the Public Services Regulatory Commission, and loan agreements made with both international and local private banks.
He stated that the company, through five Armenian banks, had issued guarantees to several commercial entities that are either directly or indirectly linked to the Tashir Group of Companies, thus breaching the relevant terms of the agreements established with the aforementioned international financial institutions, particularly those pertaining to financial covenants and requirements.
"The cumulative value of the guarantees issued from 2016 to 2025 surpasses $690 million. At the time of the interim manager's appointment, the financial obligation from the existing guarantees exceeded $200 million," the ENA press service reported.
It emphasized that the ENA granted these guarantees without securing the requisite approval from the PSRC, and that these actions were effectively conducted by the company in a manner described as 'confidential.'
The interim manager confirmed that, as has been the practice since July 18 of this year, the company will persist in adequately fulfilling all loan obligations to international banks in line with established protocols and within the designated timeframes. The parties also addressed several matters concerning the ongoing collaboration between Electric Networks of Armenia CJSC and the EBRD, ADB, and IFC, demonstrating their shared commitment to continue their partnership and exchange current information on the topics under consideration during regular meetings.
Previously, Armenian Prime Minister Nikol Pashinyan proposed the option of nationalizing ENA or selling it to 'a reputable international specialized company, while maintaining the government's stake.' He indicated that the decision regarding ENA is contingent upon the price, which must be established through a thorough analysis.
About ENA and the President of Tashir Group
Electric Networks of Armenia CJSC oversees medium and low-voltage distribution networks in Armenia, catering to approximately 1 million customers.
Tashir Group President Samvel Karapetyan has been in custody since June 18, 2025. By the ruling of the Anti-Corruption Court, his detention has been prolonged until November 17. He faces charges on three counts: 'public calls for the seizure of power' (following his remarks supporting the Catholicos of All Armenians and the Armenian Apostolic Church), significant tax evasion, and money laundering.-0-